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Buzochi:
International Breweries Plc has approved the raising of emergency additional capital after posting losses since 2018.

After publishing its financials statement for 2023, the company shareholders called an extraordinary emergency meeting held on February 12, 2024, and approved capital raise through a right issue.

THE WHISTLER reported that International Breweries, makers of Trophy Lager, Hero Larger, Grand Malt, and Eagle Stout did not make a profit during the period from 2018 to 2023, thereby accumulating N156.07bn loss over the period.

An analysis showed that the company recorded full year loss of N3.93bn in 2018, N36.16bn in 2019; N 18.5bn in 2020; N16.42bn in 2021; N21.6bn in 2022 and in 2023, the company lost N59.46bn.

Aside from the nightmare imposed on the management by losses, the brewery is almost having liquidity challenge after its cash and cash equivalent dropped by N37.4bn from N66.8bn in 2022 to N29.4bn by the end of 2023.

The situation has mounted pressure on the company’s executive management led by Carlos Coutino who was appointed managing director in 2022 following the resignation of Hugo Rocha.

International Breweries has issued and fully paid capital of 26,862,069,000 ordinary shares of 50 kobo each.

In the new development, International Breweries shareholders authorized the company to “Raise additional equity capital by way of a rights issue to the existing shareholders of the Company on such terms and conditions (including but not limited to the amount of the Rights Issue, price of the Rights Issue, rights ratio, and number of shares to be provisionally allotted) as shall be determined by the Directors.”

A rights issue is one way for a cash-strapped company to raise capital for several projects. The shareholders also approved to discount the company’s shares from 50 kobo to 2 kobo.

The shareholders said, “That the nominal value of all the existing ordinary shares in the Company’s share capital be and is hereby sub-divided from fifty Kobo (N0.50) each to two Kobo (N0.02) each and all future ordinary shares in the Company’s share capital, including all new ordinary shares that are to be created pursuant to the increase of the Company’s share capital, shall have a nominal value of two Kobo (N0.02) each.”

https://thewhistler.ng/after-six-years-of-posting-losses-international-breweries-shareholders-meet-to-raise-additional-capital/

Wait o does this not signal heavy dilution?? O'boy

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Neatly used Mi 9t pro 6GB ram 128GB storage available for sale. I also have a replacement screen(with frame) of 9t pro available for sale.

Phone: 120k
New Complete replacement Screen (with frame): 75k
Location: Ado-Ekiti but can be delivered to your preferred state

Torniex:
What are you saying?. Is this my first time of importing cars? They don’t remove batteries rather they isolate it.
I had a reliable clearing agent I just wanted to give him a trial. The Accord, one of the cars he cleared, was a non-runner and the battery was intact. He can attest to it. He decided to carry the one that can fetch him more money. 👇this one was classified as forklift due the impact at the front, although it’s actually Run and drive. The battery and other things are intact. Good job by the clearing agent.

Okay good to know, I have experienced it more than once when battery of forklift/non runner are not in the car..they are easier to pick off as they are already isolated. Yes it can be taken by agent but more often it's taken by someone else. For avoidance of doubt I am not exonerating your agent on this particular matter am just speaking generally.

It's not abnormal for a imported car to have a missing battery especially if the car is non runner or forklift, they will remove the battery from the terminal in USA.

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@oliverjiad you should really provide your own side of the story as this is a serious matter. Anyway let's put that incoming transaction with you on hold till further notice

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ojeysky:
It was 1.4m to naija but at that time clearing was around 600k or less, FX was less than 500 to a USD. So 2m will do that 07 MDX then while about 3m to 4m should do for 2010. However now clearing alone is 3m+ with exchange rate 1k. The rest is mathematics

I wrote this in September, clearing of same car now is 6m+ and someone will still say e lo fokan bale

280ah new Eve cells available for sale in 16 units @145k each

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Juror:
Which BMS is this?

Ant BMS the older version

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noobody:
100% mint oneplus 10T,8gb/128gb single SIM,updated to android 14.comes with box,tempered glass,and cases.
350k
Contacts on signature

Cheers.

Wish it was dual SIM, 16gb ram anyone with that spec could quote me. 10 pro, 10T or 11

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3 years+ on this one and still counting. Performance still great.

Anyone with the 11 or 10 pro with 256GB storage minimum and dual SIM for sale share info here

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