Nigerian Breweries has announced an extension of its ongoing rights issue, initially launched on September 2, 2024, and originally set to close on September 11, 2024.
The company revealed this update through a disclosure on the Nigerian Exchange (NGX) platform on September 10, 2024.
Signed by the Company Secretary, Uaboi G. Agbebaku, the notice outlined a new closing date of October 18, 2024, following approval from the Securities and Exchange Commission (SEC).
Nigerian Breweries explained that the extension was necessary to account for working days lost due to public holidays.
“The extension of the acceptance period is to accommodate the normal working days activities that were disrupted by the public holidays that were observed in the course of the initially scheduled acceptance period,” the company stated.
This move aims to give shareholders more time and flexibility to participate in the rights issue.
During this extended period, the company emphasized that insider dealings would remain strictly limited to participation in the rights issue, as previously approved by the NGX.
This restriction is in line with the non-dealing period related to the company’s unaudited financial statements for the quarter ending September 30, 2024.
Shareholders are also encouraged to consult with their stockbrokers for further details about the rights issue.
In August 2024, Nigerian Breweries received the necessary approvals from the Securities and Exchange Commission (SEC) and NGX Regulation Limited to proceed with its rights issue. This came after the company had already secured the backing of its shareholders during a meeting in April 2024.