Nigerian Breweries pays N1.03billion bonus to shareholders

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BY BAMIDELE FAMOOFO

Uba Group

Nigerian Breweries Plc, a leading brewing company in Nigeria, has informed the Nigerian Exchange Limited about its intention to issue bonus shares worth N1.03 billion to its shareholders.

Shareholders are expected to ratify the decision at an Extraordinary General Meeting scheduled to hold in Lagos on December 8, 2022.

The decision to reward its shareholders with a bonus issue of one new share for every four held was reached at the company’s board meeting held on November 15.

Company Secretary, Nigerian Breweries Plc, Uaboi Agbebaku, in a statement disclosed that the decision of the board of directors was in line with the directive of the Corporate Affairs Commission for companies to eliminate unissued shares from their books.

“The Board Resolved to recommend to the Company’s shareholders in general meeting, the approval of a bonus scheme of 1 (one) share for every 4 (four) shares held by shareholders recorded in the Register of Members at the close of business on Tuesday, 6th December, 2022. The bonus shares with a value of N1.03 billion, will be issued from the Company’s Share Premium Account, which based on the 2021 audited accounts had a balance of N77.5 billion and N84 billion as at 31st October, 2022,” Agbebaku disclosed.