Champion Breweries Plc has announced that arrangements to undertake a rights issue to raise N11.65 billion are now being concluded following clearance of the issue documents by the Securities and Exchange Commission (SEC). The company has also received listing approval for the new shares from The Nigerian Stock Exchange (NSE).
At the annual general meeting (AGM) of Champion Breweries Plc, held in Lagos recently, shareholders of the company authorised the board of directors to raise additional capital up to N13.7 billion.
THISDAY understands that a total of 6,300,000,000 ordinary shares of 50 kobo each will be offered to existing shareholders in the ratio of seven new ordinary shares for every ordinary share held as at the close of business on Wednesday, 07 May 2014 at N1.85 per share.
Stanbic IBTC Capital Limited is the issuing house to the issue, which is expected to open on Monday, 04 August 2014 and close on Wednesday, 10 September 2014.
The company said the net proceeds of the Issue will be used to repay the company’s existing debt and reduce the interest burden which will potentially enhance the company’s operations and reposition it for profitability and growth.
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