During an Extraordinary General Meeting, shareholders of International Breweries endorsed a $379.9 million loan from its majority shareholder, AB InBev Nigeria Holdings BV.
The loan aims to facilitate the repayment of a previous loan obtained from Citibank Abu Dhabi. Additionally, shareholders sanctioned the conversion of the loan into equity as part of the brewer’s planned rights issue.
The resolutions passed include acceptance and approval of the shareholder loan and authorization for the conversion of the loan to equity, subject to regulatory requirements.
Earlier, shareholders had greenlighted the company’s planned rights issue, indicating confidence in International Breweries’ future prospects. The brewery, recognized as one of the largest globally, is poised to leverage these financial measures to bolster its market position and pursue growth opportunities.
Source: Punch