Nigerian Breweries plans a N600bn rights issue in 2024 to address economic challenges and reduce debt burden.
Nigerian Breweries plans to raise N600bn via a rights issue to address economic challenges such as naira devaluation, high borrowing costs, and debt burden resulting in a net loss of N106bn in 2023. The proceeds from the rights issue will help reduce the debt burden and lead to a healthier balance sheet, alongside ongoing cost savings and operational efficiency efforts. The company will propose the rights issue to shareholders at the Annual General Meeting scheduled for 26 April 2024.
April 03, 2024
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