Nigerian Breweries Plc has announced the listing of 20.7bn ordinary shares of 50 kobo each on the Daily Official List of the Nigerian Exchange Limited.

In a statement filed by the company secretary, Uaboi Agbebaku, on Tuesday, the shares, which arose from the company’s rights issue of 22.6bn ordinary shares at N26.50 per share, were officially listed on Monday, December 30, 2024.

“Nigerian Breweries Plc (the ‘Company”) is pleased to notify its esteemed shareholders and the trading public that the allotted 20,706,894,542 ordinary shares of 50 Kobo each (arising from the Company’s Rights Issue of 22,607,491,232 ordinary shares of 50 Kobo each at N26.50 per share) were formally listed on the Daily Official List of the Nigerian Exchange Limited today, Monday, December 30, 2024.”

With this development, the total outstanding shares of Nigerian Breweries on the NGX have increased from 10.28bn to 30.98bn ordinary shares of 50 kobo each.

“With this listing, the total outstanding shares of the company listed on the NGX have now increased from 10,276,132,378 ordinary shares to 30,983,026,920 ordinary shares of 50 Kobo each,” the statement read.

The PUNCH reported that Nigerian Breweries Plc has announced that it would be raising about N600bn via a rights issue.

Also, in September, Nigerian Breweries Plc announced plans to reduce its foreign exchange losses through a N599.1bn rights issue. The company secretary, Uaboi Agbebaku, emphasised that the rights issue was aimed at eliminating forex losses from the company’s balance sheet and reducing its interest burden on local debts amid Nigeria’s 26 per cent monetary policy rate.