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Consolidated Breweries to Embark On Rights Issue, Expands Production Capacity of Benue Subsidiary

By on December 15, 2011

Consolidated Breweries, manufacturers of popular 33 beer has secured approval to commence a rights issue of 99,140,625 ordinary shares valued at 50 kobo each.

The company received approval from its shareholders to go ahead with the issue that will see a total of 99,140,625 ordinary shares of 50 kobo each offered to existing shareholders in the ratio of one new ordinary share for every four ordinary shares held as at 23 December 2011, at 62.00 per share, according to a report released by the Guardian.

Ths issue will open on January 9, 2012 and close February 15, 2012.

According to the CEO of Consolidated Breweries, Boudewijn Haarsma, proceeds of the issue will be applied towards the refinancing of existing corporate debt, expansion of production facilities and increasing working capital.

Consolidated Breweries also recently spent N 1.3 Billion on increasing the capacity of Benue Breweries from 150,000 hectoliters to 400,000 hectoliters.