Proshare Logo
   Market Date: 29-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

International Breweries floats N1.3b offer

Category: Public Offers Private Placements

  Read (2438)
International Breweries floats N1.3b offer

September 09, 2007/ Guardian



To enhance its positive capacity and repay its budging loan, International Breweries Plc, one of the companies quoted on the Nigerian Stock Exchange has floated a public offer to raise additional N1.3 billion.


Packaged by Sterling Capital Markets Limited as issuing house, the application opens on August 31, 2007 and closes on September 28, 2007, and it involves an offer for subscription of 1.6 billion shares of 50 kobo each at 87 kobo per share.


Already, an application has been made to the council of the Exchange for the admission to its daily official list of the 1.6 billion ordinary shares now being offered for subscription.


The offer is 80 per cent underwritten on a firm basis by the issuing house indicating that it may have been fully subscribed.


The purpose of the offer, according to the prospectus, is to enable the company rebuild its capital base and carry out restructuring, workers\' right-sizing, empowerment and expansion of production facilities.


Specifically, capital investments to improve plant and equipment reliabilities and expand overall production capacity will get the lion share of 69.94 per cent or N921.8 million, while 25.13 per cent or N331.3 million will go into staff rightsizing costs and the remaining 4.93 per cent or N65 million will go into the repayment of bridging loan.


By the content of the prospectus in the event of an over subscription, additional shares may be absorbed subject to approval of the board of the company, and the subsequent approval of the Securities and Exchange Commission (SEC).


Offshore investors can also participate in the offer through foreign currency denominated subscription in line with 5.17 of the Nigerian Investment Promotion Commission Act, Cap N.117 LFN 2004 and in compliance with rule 209 and 210 of SEC rules and regulations and the Exchange guidelines on foreign investment through the Nigerian stock market.



The prospectus added that the new shares being offered should rank parri passu in all respects with the issued ordinary shares of the company.


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Public Offers Private Placements

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014