Nigerian Breweries begins N20bn capital raising via commercial paper

Nigerian Breweries begins N20bn capital raising via commercial paper

Nigerian Breweries plc has launched its series 9 and 10 commercial paper (CP) to raise a maximum of N20 billion.

The company disclosed this in a press statement filed at the Nigerian Stock Exchnage (NSE) in which it intimated the Nigerian bourse and the investing public with the development.

In the statement signed by Uaboi G. Agbebaku, the company secretary, Nigerian Breweries explained that the series 9 and 10, which opened for subscription on October 23, 2020, is a continuation of its commercial paper programme.

The statement read: “Nigerian Breweries Plc (“the Company”) is pleased to inform The Nigerian Stock Exchange and the investing public of the continuation of its Commercial Paper (“CP”) programme with the launch of Series 9 and 10 of the programme which opens on 23rd October, 2020.

While Series 9 would be for a tenor of 180 days, Series 10 would be for 270 days, the statement explained, adding that the CP programme aims to raise up to N20 billion to support the Company’s short-term funding needs.

“The CP Programme continues to provide the opportunity for non-equity investors to invest in the Company, support the Company’s cost management initiatives and serve as an additional source of funding for the Company.”

Recall that the series 7 and 8 of the CP programme was declared open for subscription on April 6, 2020 through which the company aimed to raise us a maximum of N48 billion.