Nigerian Breweries raises N20 billion through commercial paper
Nigeria Breweries Plc has kicked off a new phase of its N100 billion commercial paper programme. This has given the firm an edge to increase N20 billion from investors.
NB revealed that the capital raise is set in three series of varying maturities: the first has a tenor of 91 days, the second 120 days and the third 154 days.
“The debt will cater for its ‘short-term funding needs’,” a statement said.
“The CP Programme continues to provide the opportunity for non-equity investors to invest in the company, support the company’s cost management initiatives and serve as an additional source of funding for the company,” it added.
Recall in December, the brewer disclosed a proposal to issue about 2.1 billion ordinary shares to reward stockholders in the proportion of 1 new share for every 4 currently held.
It hopes to achieve that by setting aside over N1 billion from the share premium account, which had a balance of N77.5 billion as of the end of 2021.
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