By Modupe Gbadeyanka
Shareholders of Nigerian Breweries have approved increase in the authorized share capital of the firm from N4 billion to N5 billion by the creation of additional 2 billion ordinary share of 50 kobo each.
This nod was given at the 71st Annual General Meeting (AGM) of the company held in Lagos on Wednesday.
During the meeting, the shareholders also commended the 2016 financial performance of Nigerian Breweries Plc, noting that in spite of the very challenging operating environment, the firm stood out as a shining example for other manufacturers to emulate.
The shareholders described the 2016 results and the dividend pay-out as strong signals of the resilience of the company in the face of the apparent challenges of the economy and went further to stamp the dividend proposed by the Board of Nigerian Breweries.
Chairman of Nigerian Breweries, Mr Kola Jamodu, said a total dividend of N28,386,181,179 was declared by the firm, adding that this amounts to N3.58 per share and 100 percent earnings pay out.
However, he pointed out that shareholders have the option to choose between a cash payment or the conversion of their dividend to ordinary shares with the approval of the scrip issue.
Commenting on this development, Mr Sola Abodunrin and Chief Shotunde Shopeju, both shareholders of the brewery firm, expressed confidence that the company remains in good stead to weather the present storm and deliver good returns to shareholders in the future.
“I congratulate the company for remaining strong even in the storm. The shareholders are happy that the company is always coming up with new initiatives to bring good harvest and returns,” Mr Shopeju said.
Pastor Williams Adebayo from Abeokuta, Ogun state, another shareholder, congratulated the company for the 70th year anniversary and lauded it for creating jobs for thousands of Nigerians through its local sourcing initiatives.
Mr Theophilus Adegboye from Oshogbo, Osun State urged his fellow shareholders to commend the company for proposing a 100 percent dividend payout at a time many quoted companies were unable to pay dividend to their shareholders.
