International Breweries proposes rights issue

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The management of International Breweries Plc has approved plans to raise fresh capital through rights issue on the Nigerian Stock Exchange (NSE).

In a notice, to NSE and signed by the Company Secretary/General Counsel, Muyiwa Ayojimi noted that the proposal is subject to the approval of the Exchange and shareholders.

As part of the obligations of listed companies to notify the NSE in accordance with Section 1.1 of the rules relating to Board Meetings, of  key  decision(s)  taken  by  the  Board  within  24 hours  after  the  relevant  Board  meeting.

International Breweries half year  financial statement, 2019 revealed a loss after tax of 140.36 per cent to N6.84 billion at the end of June this year, from the N2.85 billion posted in the half-year 2018.

The company loss before tax in six months of 2019 financial statement increased by 101 per cent to N10.536 billion compared with N5.243 billion in the corresponding period of 2018.

However, the company’s revenue appreciated by 29.22 per cent from N53.11 billion in June 2018 to N68.631 billion posted in the same period in 2019.

The company’s cost of sales leapt high by N13.24 billion between 2018 and 2019 while marketing and promotion expenses climbed up to N13.51 billion in June 2019, compared to N10.35 billion reported in erstwhile six months of 2018.

Finally, Administrative Expenses went up from N7.80billion at HY 2018 to N12.99 billion in 2019.

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