Nigerian Breweries shareholders commit 2.1 billion bonus shares

In a bid to boost confidence and trust, shareholders of the leading brewer, Nigerian Breweries Plc, have approved 2.1 billion bonus shares valued at N84 billion, to deserving shareholders.
Sade Morgan, Head of the Corporate Affairs Unit, related the information during the closing of the company’s Extraordinary General Meeting held at the Oriental Hotel, Lagos.

NB Plc explained that the qualified shareholders entitled to receive a bonus of one share for every four shares were those who were on the register of members at the close of business on Tuesday, December 6, 2022.

Dr. Kola Jamodu, Chairman of Nigerian Breweries Plc, pointed out that this was to ensure that the desires and yearnings of the committed shareholders were met based on the company’s robust share premium account.

He said that, with the issuance of the 2.1 billion shares, the company has now closed the gap between its issued and unissued shares as required by the Corporate Affairs Commission pursuant to the provision of sections 124 and 868 of CAMA 2020.

Reacting to the offering, the National Coordinator of Progressive Shareholders Association, Boniface Okezie, said: “We are very delighted that NB Plc is showing appreciation to shareholders even when we least expected it.
“We must commend the management for managing cost effectively as well as the board for doing the right thing via the issuance of bonus shares.”

Another elated shareholder, BamisileAbiola, said he was highly impressed by the company’s strides, especially in its contribution to climate change by making several investments in solar and alternative energies to reduce its power generation costs.

Also, Mathew Akinlade, the President of Noble Shareholders Solidarity Association, commended the management for such a remarkable step, especially for prioritising the welfare of the shareholders, irrespective of the economic downturn affecting businesses.

“No doubt, the board of Nigerian Breweries Plc has once again shown how concerned it is to the welfare of its shareholders. Despite the challenging business environment, the company has continued to show positive trends both in terms of revenue and profits earned. We are glad that you are giving us a bonus of 1 for 4 shares,” Akinlade said.


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