International Breweries lists additional N18.266bn shares on NSE
International Breweries Plc, the Nigerian subsidiary of global brewer, Anheuser-Busch InBev (AB InBev) has announced the listing of additional 18.266bn ordinary shares on the Nigerian Stock Exchange (NSE).
The additional shares are from its recent rights issue of 18.266bn Ordinary Shares of 50 kobo each at N9 per share.
With the new listing, the company’s total issued and fully paid-up shares has now increased from 8.595bn to 26.862bn ordinary shares of 50 kobo each. This translates to N164.39bn in market capitalization.
The brewing company first announced the rights issue in September 2019 as a way to reduce mountain debt which was impacting its performance. According to the company, with the rights issue, long-term debt will be replaced with equity, thereby easing the burden of interest payments, increasing management’s flexibility as well as removing volatility in earnings.