News
NB Plc N599.1 Billion Rights Issue to Eliminate Forex Exposure, Reposition Business Performance
Nigerian Breweries Plc, the foremost brewing company, has disclosed its intention to utilise the proceeds from its N599.1 Billion Rights Issue to eliminate ovedue foreign exchange commitments, thereby repositioning the company for optimum business performance that will enable it to deliver value for its stakeholders.
The company is offering 22.61 billion ordinary shares at 50k each, priced at N26.50 per share to its shareholders. The Rights Issue commenced on September 2, 2024, and will close on Friday, October 11, 2024. The offer is open to all existing shareholders giving them the opportunity to increase their shares in the company at the ratio of 11 new shares for every five held at the close of business on July 12, 2024.
Speaking during the “Facts Behind the N599.1 Billion Rights Issue” presentation at the Nigerian Exchange Limited, NGX, on Tuesday, September 17, 2024, the Managing Director of Nigerian Breweries Plc, Hans Essaadi, explained that the losses recorded in its financial statements was due mainly to the impact of the currency devaluation on foreign exchange denominated payables and higher interest expenses.
“These are tough times for our business. We started expanding our facilities two years ago, for which FX commitments were required, with a view to future-proofing the business. This led to our incurring a substantial debt due to the devaluation of the naira. Despite this challenge amongst others, we believe that investing in Nigeria is the right thing to do as the long-term fundamentals remain strong” he said.
Essaadi assured shareholders that the Rights Issue will return the company to the path of net profitability and the resumption of dividend payments as soon as possible, adding that the company was in a position to take advantage of an improvement in the macro economic operating environment.
He added that the company’s expansion into the wine and spirits category through the acquision of Distell Wines and Spirits Nigeria Limited was in furtherance of its commitment to grow sustainable value for its shareholders.
Also speaking during the presentation, the Chief Executive Officer of NGX, Jude Chiemeka, noted that ‘Facts Behind the Figures/Issue’ remains a platform to support its mission to enhance transparency and stimulate engagement in the capital markets. He added that the NGX was delighted that Nigerian Breweries Plc chose the platform to present its financial performance, operational updates, and strategic business recovery plan including the N588.1 Billion Rights Issue.
According to Chiemeka, sharing timely and accurate data is essential for driving market activity, as it strengthens trust and fosters greater participation. While acknowledging the efforts of the company’s leadership in enhancing operations, promoting business continuity, and restoring investor confidence amidst economic challenges, he stated that its commitment to these goals reflects the resilience and adaptability that are essential in today’s market environment.
In his remarks, the Company Secretary & Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, stated that the proceeds from the rights issue will be used to eliminate all outstanding FX payables so that the company will no longer be subject to the vagaries of devaluation.
“A major part of the proceeds will be utilised for the repayment of overdue FX obligations while the remaining will be used to repay and lower local debt (naira) obligations, thereby reducing the interest burden on the company” he said.
News
BREAKING: Christmas: Tinubu to address Nigerians today on first media chat
President Bola Tinubu has announced that he will address Nigerians by 9 pm on Monday ahead of Christmas celebrations.
The spokesperson of the president, Bayo Onanuga, disclosed this in a statement on Monday.
According to him, this will be the first presidential media chat.
“The first presidential media chat with President Bola Ahmed Tinubu will be broadcast at 9 pm on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.
“All television and radio stations are requested to hook up to the broadcast,” he stated.
News
Yuletide: Lagos Charges Residents on Responsible Behavior during Festive Period
The Lagos State Government, through the Lagos State AIDS Control Agency (LSACA), has urged residents to adopt responsible behavior during the festive season and also raise awareness on the spread of HIV in the state.
Chief Executive Officer of Lagos State AIDS Control Agency, Dr Folakemi Animashaun who made this disclosure during a virtual interview recently, encouraged Lagosians to engage in meaningful discussions, responsible practices and reflect on ways of maintaining a healthy and productive life style.
“As the Christmas season approaches, it’s a time of joy, celebration, and connection with loved ones. it is also an important opportunity for raising awareness about HIV & AIDS .While festivities often focus on giving and sharing, it is crucial to remember that this season can also serve as a reflective moment to engage in conversations about health, safety, and the importance of responsible behavior.” she said
Dr. Animashaun emphasized the importance of maintaining safe practices and being mindful of actions that could impact negatively on both personal and public health during the celebrations adding that taking all necessary precautions such as practicing safe sex, avoiding substance – induced risky behavior, being mindful of new relationships and encounters will go a long way in preventing the spread of HIV in the community.
She noted that the fight against HIV is an ongoing battle and can only be won through collective responsibility as the struggle demands unwavering determination, resources, and commitment from all stakeholders.
“As we continue to raise awareness and work towards prevention, treatment, and support for those affected, it is crucial that we recognize and fulfill our collective responsibility in practicing safe sex and ensuring that every one is properly informed on how the virus is transmitted “. She said.
The Chief Executive Officer added that Lagos State AIDS Agency remains committed to the Health and Environment Mandate of the THEMES PLUS AGENDA as the agency has been instrumental in coordinating HIV & AIDS control programs in the state and has also intensified efforts in upscaling Anti-Retroviral Therapy (ART) Programs, Public Awareness and Sensitization as well as free screening and counseling services across the state.
She noted that HIV testing and counseling services remain free at all designated healthcare facilities in the state, highlighting the government’s commitment to providing accessible and affordable healthcare, particularly in the fight against HIV&AIDS.
However, she urged all residents to adopt proactive health-seeking behaviors to improve their overall well-being.
News
Tinubu unveils 2024 Christian pilgrimage to Israel, Jordan
President Bola Tinubu has officially flagged off the 2024 main Christian pilgrimage to Israel and Jordan.
This was contained in a statement by the Deputy Director and Head of Media and Public Relations of Christian pilgrimage, Celestine Toruka, and published on the Commission’s official X handle on Monday.
The president, represented by the Secretary to the Government of the Federation, George Akume, urged pilgrims to view their journey as an opportunity to strengthen their faith in God.
He noted that the theme of the 2024 pilgrimage, “Pilgrimage of Renewed Hope for Total Restoration,” aligns with the vision and agenda of his administration.
The president called on the intending pilgrims to pray for the progress of Nigeria, Lagos State, and their families.
Tinubu warned the pilgrims against absconding while in the Holy Land, stressing that there is no better place than home.
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