Nigerian Breweries goes to market to raise  ₦48bn commercial paper

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Nigerian Breweries Plc

Nigerian Breweries goes to market to raise  ₦48bn commercial paper

Amid rising cases of coronavirus, Nigerian Breweries Plc said its commercial papers will be opened for subscription on Monday as the company seeks to raise up to  ₦48 billion.

The company informed the Nigerian Stock Exchange and the investing public about the continuation of its CP programme which is expected to open on 6th April.

The brewer wants to issue the commercial paper as part of its cost management initiatives.

Also, it will serve as an additional source of funding for the company.

In a statement signed by its company secretary, Uaboi G. Agbebaku, NB stated intention to go ahead with its commercial paper programme.

According to the brewer, the CP Programme target is to raise up to a maximum of N48 billion to support short term funding needs.

Meanwhile, the financial instrument comes in two series and expected to offer different rates based on tenors.

Then, the statement reads that the series 7 will be for a period of 182 days, series 8 will be for 270 days.

“The CP Programme continues to provide the opportunity for non-equity investors to invest in the Company”, NB Plc stated.

Nigerian Breweries goes to market to raise  ₦48bn commercial paper