Business News

International Breweries obtains approval for $379.9 million shareholder loan 

Shareholders of International Breweries Plc have approved the company’s $379.9 million shareholder loan and debt-to-equity conversion.

The approval was given at the Extraordinary General Meeting of International Breweries Plc held in Lagos on Thursday.

According to the company’s notice to the Nigerian Exchange Limited and investing public on the outcome of the EGM seen by Naijaonpoint, shareholders accepted and approved the $379.9 million convertible loan from AB InBev Nigeria Holdings BV for the repayment of a loan from Citibank Abu Dhabi, subject to management’s terms.

The statement signed by Dr. (Mrs) Marian Reginald-Ukwuoma, Company Secretary/Legal Counsel, noted that the following resolutions were proposed and duly passed by the shareholders:

Naijaonpoint recently reported that the Board of International Breweries Plc will, as part of a special resolution at the company’s Extra-ordinary General Meeting (EGM), seek approval of a $379.9 million shareholder loan and debt-to-equity conversion.

This was contained in the company’s notice of EGM slated for April 9, 2024, in Lagos.

The statement noted that International Breweries Plc has secured approval for a $379.9 million shareholder loan from AB InBev Nigeria Holdings BV, and intended to repay a loan from Citibank Abu Dhabi.

Additionally, the Board of Directors has been authorized, pending regulatory compliance, to allocate convertible loans or other facilities owed by the company to individuals towards payment for shares subscribed to in a Rights Issue approved by shareholders.