By Chukwuma Umeorah
Nigerian Breweries Plc has successfully listed 20,706,894,542 new ordinary shares of 50 kobo each on the Nigerian Exchange Limited (NGX) following its recently concluded Rights Issue.
Ardova, in a notice to its shareholders and the trading public on Tuesday noted that the listing, which took effect on Monday, December 30, 2024, marked a significant increase in the company’s outstanding shares, now totalling 30,983,026,920 ordinary shares of 50 Kobo each. Before the rights issue, Nigerian Breweries had 10,276,132,378 ordinary shares listed on the NGX.
The rights issue, which offered 22,607,491,232 ordinary shares at N26.50 per share, was aimed at raising additional capital to support the company’s strategic initiatives. The formal allotment of the shares reflects a milestone in Nigerian Breweries’ efforts to strengthen its financial base.
The company’s secretary, Uaboi Agbebaku, confirmed the development, saying, “The allotted 20,706,894,542 ordinary shares of 50 kobo each were formally listed on the daily official list of the Nigerian Exchange Limited (the ‘NGX’) on Monday, December 30th, 2024.” Agbebaku added that the listing would to enhance liquidity and provide existing shareholders with opportunities for value appreciation. Nigeria Breweries posted a N703 billion in revenue for Q3 2024, a 75 per cent growth from the corresponding period of 2023 where it recorded N402 billion. The company’s gross profit in the period rose to N207 billion from N152 billion in 2023, representing a 36 per cent rise.