LAGOS: The Securities and Exchange Commission (SEC) has approved a one-week extension of the Nigerian Breweries’ N599.1 billion Rights Issue.
In a note to the investing public, the foremost brewing company in Nigeria, said in a note that the Rights Issue has been extended till October 18, 2024.
The Rights Issues had closed on Friday October 11, 2024.
In a notice of extension of the acceptance period conveyed by Nigerian Breweries Plc and signed by its Legal Director/Company Secretary, Uaboi Agbebaku, the company stated that it is pleased to notify its esteemed shareholders and the Nigerian Exchange Limited (NGX) that acceptance period for its rights issue which opened on September 2, 2024, and scheduled to close the on October 11, 2024, has been extended to October 18, 2024, following the approval of the Securities and Exchange Commission.
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Nigerian Breweries is offering its shareholders 22.61 billion ordinary shares at 50k each, priced at N26.50 per share. The offer is open to all existing shareholders, giving them the opportunity to increase their shares in the company by eleven new shares for every five held at the close of business on July 12, 2024.
Agbebaku noted that the acceptance period was extended to accommodate the normal working day activities disrupted by the public holidays observed during the initially scheduled acceptance period.
According to him, the extension was meant to provide shareholders with ample opportunity and time to subscribe to their Rights.
He further stated that during the extension period, insiders’ dealings on the Company’s shares will be strictly limited to participation in the rights issue as earlier approved by the NGX in respect of the non-dealing period with regard to the company’s unaudited financial statements for the period ended September 30, 2024.
He advised shareholders to contact their stockbrokers for more details about the Rights issue, particularly, now that the acceptance period has been extended.
