Nigerian Breweries shareholders approve 2.1bn share bonus

Nigerian Breweries shareholders approve 2.1bn share bonus

By Rukayat Moisemhe, Lagos.

 

 

Shareholders of Nigerian Breweries Plc., Nigeria’s foremost brewing company, have approved the issuance of 2.1 billion bonus shares to its qualifying shareholders.

 

The company announced this in a report signed by Mrs Sade Morgan, Corporate Affairs Director, Nigerian Breweries Plc., on Sunday in Lagos.

 

The Chairman of Nigerian Breweries Plc., Dr Kola Jamodu, said that the value of the 2.1 billion bonus shares was N84 billion.

 

Jamodu said that the development meant that qualifying shareholders — those who were on the Register of Members as at Dec. 6 — were entitled to a bonus of one share for every four shares.

 

He said that the decision to offer the bonus shares was based on the company’s robust share premium account and in response to the yearnings of shareholders over the years for bonus shares.

 

“With issuance of the 2.1 billion shares, the company has now closed the gap between its issued and unissued shares, as required by the Corporate Affairs Commission, pursuant to the provision of Section 124 and 868 of CAMA 2020,” he said.

 

In their responses, the shareholders praised the company for delivering what they called an “early Christmas gift” to them.

 

The National Coordinator, Progressive Shareholders Association, Mr Boniface Okezie, expressed delight that Nigerian Breweries Plc. had shown appreciation to its shareholders even when it was least expected.

 

“We must commend the management for managing cost effectively as well as the board for doing the right thing via the issuance of bonus shares,” he said.

 

Another shareholder, Mr Bamisile Abiola, said that he was highly impressed by the company’s strides, particularly in its contribution to efforts to tackle climate change by its several investments in solar and alternative energies.

 

On his part, President of Noble Shareholders Solidarity Association, Mr Mathew Akinlade, praised the management of Nigerian Breweries Plc. for prioritising the welfare of shareholders and posting an impressive financial performance, amidst a challenging business environment.

 

“No doubt, the board of Nigerian Breweries Plc. has once again shown how concerned it is about the welfare of its shareholders.

 

“In spite of the challenging business environment, the company has continued to show positive trends, both in terms of revenue and profits earned, and we are glad that they are giving us a bonus of one share for every four shares,” he said.

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