In a notice of Extra-ordinary General Meeting (EGM), the Board of International Breweries Plc says it has secured approval of a $379.9 million shareholder loan and debt-to-equity conversion. The EGM is scheduled for 9 April, 2024, in Lagos.

In a statement made by International Breweries on the Nigerian Exchange Limited, the leading brewer said it secured approval for the shareholder loan from AB InBev Nigeria Holdings BV, and intended to repay it from Citibank Abu Dhabi.

“That the loan of US$379.9 million granted to International Breweries Plc by AB InBev Nigeria Holdings BV (‘the Shareholder Loan”) in respect of the repayment of the loan obtained by the Company from Citibank Abu Dhabi be and is hereby approved in accordance with the terms and conditions presented by the Board of Directors,” the statement read.

The statement also noted that the Board of Directors has been authorized to allocate convertible loans or other facilities owed by the company to individuals towards payment.

To comply with the directives of any regulatory authority, the International Breweries further explained that the company will seek the shareholders’ approval for a Director and Company Secretary to be authorized to sign and execute all documents necessary to give effect to the foregoing resolutions.