International Breweries Plc, a subsidiary of ABInBev, has assured the business community it would continue to explore every option in building sustainable business in the long term to ensure creation of value to its shareholders.
The brewery company made this known during the closing gong ceremony to commemorate the successful listing of its N165 billion rights issue at the Nigerian Stock Exchange (NSE) in Lagos, at the weekend.
The company had in December 2019, offered 18,266,206,614 units of ordinary shares of 50 kobo each to existing shareholders at N9.00 per share through a rights issue to raise N165 billion.
The additional shares were offered on the basis of 17 new ordinary shares for every 8 ordinary shares held as at November 6, 2019. The offer closed in December and was 100 per cent subscribed, thus making it the largest equity issuance ever in the Nigerian capital market.
Commenting on the rights Issue, the new Finance Director, IB Plc, Bruno Zambrano noted that the rights issue has helped recapitalize the company, improve its operational and financial flexibility, as well as significantly reduce the company’s financing cost.
Zambrano thereafter assured shareholders of the company’s commitment to generate value for the long term, adding that the IB Plc will continue to explore every option to bring smiles to consumers and shareholders alike.
In his response, the Chief Executive Officer, NSE, Oscar Onyeama, revealed that the NSE are in constant engagement with the government on the need for listed companies such as IB Plc to be allowed tax breaks as an incentive to promote growth and productivity.
Onyeama enjoined the company to take the next bold step by visiting again soon for a ‘facts behind the figures’ session to further intimate capital market operators of its financial performance.