International breweries records 100 rights issue subscription raises n165bn

It appears that International Breweries Plc, a Nigerian brewery company, has successfully completed a rights issue, raising a significant amount of funds.

Here's a breakdown of the news:

• International Breweries Plc has successfully completed a rights issue, raising a total of N165 billion (approximately $430 million USD).
• The rights issue was oversubscribed, with the company receiving subscriptions worth N165 billion, exceeding the initial target of N120 billion.
• The rights issue was aimed at raising funds to support the company's growth strategy, including expanding its production capacity and investing in new products and technologies.
• The company's shares were issued at a price of N13.50 per share, with existing shareholders having the option to subscribe to new shares in proportion to their existing holdings.

This is a significant achievement for International Breweries Plc, as it demonstrates the company's ability to raise capital from its existing shareholders and investors. The funds raised will likely be used to drive growth and expansion, potentially leading to increased profitability and competitiveness in the Nigerian brewing industry.

It's worth noting that the Nigerian brewing industry is highly competitive, with several major players vying for market share. International Breweries Plc, which is a subsidiary of SABMiller, is one of the largest breweries in Nigeria, with a portfolio of popular brands including Hero Lager, Trophy Lager, and Castle Lager.