International Breweries Assures Shareholders of Better Value

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CAPITAL MARKET

By Goddy Egene

The Finance Director of International Breweries Plc, Mr. Bruno Zambrano, has assured shareholders of the company of better value going forward.

Zambrano, who gave the assurance during a visit by the company’s management to the Nigerian Stock Exchange (NSE), recently, said the rights issue recently embarked upon by the company would have positive impact on its operations and financial performance.

International Breweries Plc had last December offered 18,266,206,614 ordinary shares of 50 kobo each to existing shareholders at N9.00 per share to raise additional capital of N165 billion.

Speaking to market operators on the floor of the Exchange, Zambrano said the rights issue had helped to recapitalise the company, improve its operational and financial flexibility, as well as significantly reduce its financing cost.

He therefore assured shareholders of the company’s commitment to generate value for the long term, adding that the company will continue to explore every option to bring smiles to consumers and shareholders alike.

The finance director reiterated the company’s strategy of building a sustainable business for the long-term future and continued goal of creating shareholder value.

In his comments, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, commended International Breweries Plc, disclosing that the exchange was engaging government on the need for listed companies to be allowed tax breaks as an incentive to promote growth and productivity.

International Breweries Plc, is a part of the world’s largest brewer, Anheuser-Busch InBev, (AB InBev). International Breweries Plc was established in 1971 and was listed on the NSE in 1995.However, AB InBev consolidated its business stakes in Pabod Breweries Limited, Intafact Beverages Limited into its majority ownership of International Breweries Plc in a merger that was concluded in December, 2017.