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Guinness Holds EGM January 24 to Approve Rights Issue

By Modupe Gbadeyanka

Guinness Nigeria Plc has announced its intention to hold an Extraordinary General Meeting (EGM) of its shareholders to approve resolutions for a rights issue.

The EGM is scheduled for Tuesday, January 24, 2017 in Lagos.

Guinness Nigeria Plc believes the rights issue will allow the company to optimize its balance sheet improving its financial and operational flexibility.

If approved at the EGM, full details of the rights issue, which is expected to raise up to N40 billion if fully subscribed, will be issued prior to the launch.

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However, the rights issue is subject to the approval of the relevant regulatory authorities.

Guinness Nigeria Plc was established in 1950 and listed on the Nigerian Stock Exchange in 1965. With a shareholder base of over 75,000 shareholders, it is also one of the foremost quoted companies in Nigeria.

The company built its first brewery in Ikeja in 1962, and currently has facilities in Ogba, Benin City and Aba.

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Included in its portfolio are such acclaimed brands – Guinness Foreign Extra Stout, Guinness Extra Smooth, Malta Guinness, Harp Lager beer, Smirnoff Ice, Satzenbrau Pilsner, Dubic Lager Beer, Harp Lime and Malta Guinness Low Sugar.

Guinness Nigeria is a subsidiary of Diageo Plc, a global leader in beverage alcohol with an outstanding collection of brands across spirits, beer and wine categories.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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