Nigerian Breweries seeks N25bn fresh working capital

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BY BAMIDELE FAMOOFO

Nigerian Breweries Plc, most capitalized brewing company on the Nigerian Exchange Limited, has launched its series 4,5 and 6 Commercial Paper Programme to raise a sum of about N25 billion from April 28 to May 3, 2023.

The Company disclosed that the fresh capital is meant to support its short-term working capital and funding needs under these Series.

According to NB Plc, the Series 4 is for a tenor of 95 days (with an implied yield of 12.5%), Series 5 for 186 days (with an implied yield of 13%), and Series 6 for 228 days (with an implied yield of 14%).

Uaboi Agbebaku, Company Secretary, NB Plc disclosed that the minimum subscription is N5 million and multiples of N1, 000 thereafter.

“The CP Programme continues to provide an additional opportunity for existing and new investors to invest in the Company as well as support the Company’s cost management initiatives and serve as an additional source of funding for the Company,” he said.