International Breweries Plc, the Nigerian of global brewery giant- Ab Inbev, on Wednesday said it had been granted an extension of time to resolve its free float requirement by the NGX Regulation Limited (NGX Reg).

In a notice to shareholders of the company by the company secretary, DCSL

Corporate Services Limited, while appreciating the NGX RegCo for the “continued support and consideration in granting this extension,” said the announcement is “in accordance with Rule 3.1.4 of the Free Float Rules.

The company assured that it “will continue to provide updates and disclosures as required.”

According to the company’s 2023 audited financials, International Breweries has total shares in issue of 26,862,065,850 units with the foreign majority shareholders controlling 23,447,091,381 or 87.29 percent; while instgitutional investors (corporate) held 2,021,063,130 units, representing 7.52 percent; and individuals, 853,059,352 units or 3.18 percent.

A further breakdown of the foreign majority shareholders showed that the parent company- AB Inbev Nigeria Holdings BV holds 21,069,512,368 shares or 78.44 percent; while Brauhaase International Management GMBH, holds 2,377,579,012 units or 8.85 percent.