Leadership Newspapers reports the Plateau State Government has repaid about N700million debt owed by Jos Breweries. The Debt which was renegotiated from about N1.3billion to N700million was paid to Diamond Bank Plc. The company has been moribund for years now and the Government deemed it necessary to avoid the company from going into liquidation with the banks selling its assets on a forced sale basis.
With the renewed competition in the breweries sector and spate of acquisition going on and likely to continue it is not difficult to figure out what the Government is trying to achieve. One question though is whether the tax payers money that is being used to bail the company out was approved by the State House of Assembly. The company’s shares is currently trading at about N1.33 and has a year high of N2.05
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