The directors of International Breweries Plc, on Monday, notified the Nigerian Exchange Limited of plans to hold an Extra-Ordinary General Meeting where they hope to obtain approval to raise additional equity capital by way of rights to existing shareholders as part of the special resolutions.

At the meeting slated for Lagos on Monday, February 12, 2024, the shareholders will also be asked to approve “that any shares not taken up by existing shareholders within the period stipulated under the Rights Issue may be offered to shareholders of the Company that have indicated their interest in purchasing additional shares not taken up by the shareholders entitled to do so in the Rights Issue, on such terms and conditions as may be determined by the Directors.”

In view of the fresh offer, the board is also proposing an increase in the share capital of International Breweries “to such amount as shall be determined by the Directors, as being required to undertake the Rights Issue”

Also on the card is a proposal that the nominal value of all the existing ordinary shares in the company’s share capital be sub-divided from 50 Kobo (N0.50) each to two Kobo (N0.02) each and all future ordinary shares in the Company’s share capital, including all new ordinary shares that are to be created pursuant to the increase of the Company’s share capital, shall have a nominal value of two Kobo (N0.02) each.

The amendment of the share capital clause in the Memorandum of Association of the Company, according to the notice by Marian Reginald-Ukwuoma, Acting Company Secretary, shall reflect the increased share capital and the new nominal value of each ordinary share of the company.