Proceeds from the rights issue would help to reduce the huge debt burden of Nigerian Breweries, thereby leading to a healthier balance sheet.
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Mr Agbebaku stated that the aim was to strengthen its balance sheet and reduce debt burden highlighted by a net loss of N106 billion in 2023. According to him, proceeds from the rights issue would help to reduce the huge debt burden arising, thereby leading to a healthier balance sheet. Speaking on the development, Managing Director/Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, described the rights issue as the first of its actions in its strategic recovery plan for business continuity and future growth.
According to him, the rights issue will allow Nigerian Breweries to deliver on its strategic objectives in line with its recovery plan. “We remain wholly committed to having a positive impact on our host communities and our consumers, leveraging our strong supply chain footprint, excellent execution of our route to market strategy.
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