Business News

Nigerian Breweries Plans N600bn Rights Issue to Ease Debt Burden

Nigerian Breweries

By Dipo Olowookere One of the leading beer makers in the country, Nigerian Breweries Plc, intends to source about N600 billion from the capital market through a rights issue. A notice from the brewer on Wednesday disclosed that proceeds from the exercise would be used to ease its “huge debt burden” arising from the devaluation of the Naira. The decision of the Central Bank of Nigeria (CBN) to devalue the Naira has continued to have a negative impact on businesses in the country, with some packing up. Nigerian Breweries has not been spared of this, and to return the firm