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.