“The tough business landscape characterised by double-digit inflation rates, naira devaluation, FX challenges and diminished consumer spend has taken its toll on many businesses, including ours.
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The company said the move is essential to improve its operational efficiency, financial stability and enable a return of the business to profitability, in the face of the persistently challenging business environment. It would be recalled that the company recently notified the Nigerian Exchange Group of its plan to raise capital of up to ₦600 billion by way of a Rights Issue, as a means of restoring the company’s balance sheet to a healthy position following the net finance expenses of N189 billion recorded in 2023 driven mainly by a foreign exchange loss of N153 billion resulting from the devaluation of the naira.
“We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other seven breweries; and providing strong support and severance packages to all those that become unavoidably affected.
Incorporated in 1946 as “Nigerian Brewery Limited,” NB Plc made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line.
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