Aduragbemi Omiyale
By Aduragbemi Omiyale
An Extra-ordinary General Meeting (EGM) for shareholders of International Breweries Plc to approve the $379.9 million loan to the company from AB InBev Nigeria Holdings BV and convert this to equity is scheduled for Tuesday, April 9, 2024.
This was confirmed by a statement signed by the company secretary, Mrs Marian Reginald-Ukwuoma, on Monday.
It was disclosed that the meeting would take place at the External Ballroom of the Federal Palace Hotel in Lagos.
Business Post gathered that International Breweries obtained a loan of $379.9 million from Citibank Abu Dhabi and AB InBev Nigeria, one of the shareholders of the beer maker, helped the organisation to repay the loan.
AB InBev Nigeria, a subsidiary of a multinational drink and brewing firm in Belgium, Anheuser-Busch InBev, now wants to convert the loan to equity in International Breweries to ostensibly its stake in the company.
However, the board needs the approval of investors to make this happen, and this is the reason for the EGM for next month.
In the notice filed to the Nigerian Exchange (NGX) Limited yesterday, International Breweries said it wants the shareholders to approve, “The loan of $379.9 million granted to International Breweries Plc by AB InBev Nigeria Holdings BV in respect of the repayment of the loan obtained by the company from Citibank Abu Dhabi be and is hereby approved in accordance with the terms and conditions presented by the board of directors.”
“Subject to compliance with the applicable regulatory requirements, the directors be and are authorised to apply any convertible loan, shareholder loan or any other loan amount/facility due to any person from the company as may be agreed between the person and the company towards payment for any shares subscribed for in the Rights Issue that has been approved by the shareholders of the company.
“The directors be and are hereby authorised to approve, sign and/or execute all documents, appoint such parties and advisers as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority,” the firm said.
International Breweries produces the popular Trophy beer, Beta Malt drink, Budweiser, and Hero Lager Beer, among others.
