•As NGSE Lists 18.266bn Rights Issue Shares
The Nigerian Stock Exchange (NSE), on Friday, admitted 18,266,206,614 Ordinary fresh shares of International Breweries Plc onto its Daily Official List at N9.00 each.
According to a notice by Godstime Iwenekhai, Head, Listings Regulation Department of the NSE, the new shares are in the aftermath of the company’s recently concluded rights issue.
This raised the market capitalization of International Breweries and subsequently, the NSE, by N164.395bn.
The rights issue shares on the basis of 17 new units for every eight held as of November 6, 2019, increases the total issued and fully paid-up shares of International Breweries Plc from 8,595,861,936 to 26,862,068,550 ordinary shares of 50 kobo each.
The rights issue is part of a major recapitalisation effort that will see Anheuser-Busch InBev (AB InBev), the Belgian core investor, investing an additional N123bn in the company in a major capital injection that will enhance its share of the Nigerian markets.
AB InBev holds the majority equity stake of 75.1% in International Breweries Plc.