The Securities and Exchange Commission (SEC) has registered the 2,055,226,476 bonus shares approved by shareholders of Nigerian Breweries at an extraordinary general meeting on 8th December 2022.

This was contained in a corporate disclosure sent to the Nigerian Exchange Limited and seen by Nairametrics.

The statement, signed by Company Secretary Uaboi Agbbaku, noted that the beneficial shareholders with valid and updated Central Securities Clearing System (CSCS) accounts have subsequently been credited with the respective number of shares allotted to them based on one new share for every four shares held as at 6th December 2022.

It also noted that the bonus shares are now available for trading on the floor of the Nigerian Exchange Limited.

What the shareholders said: Reacting to the offering, the National Coordinator of Progressive Shareholders Association, Boniface Okezie, said:

  • We are very delighted that NB Plc is showing appreciation to shareholders even when we least expected it. We must commend the management for managing cost effectively as well as the board for doing the right thing via the issuance of bonus shares.”

Another shareholder, Bamisile Abiola, said he was highly impressed by the company’s strides, especially in its contribution to climate change by making several investments in solar and alternative energies to reduce its power generation costs.

On his part, the President of Noble Shareholders Solidarity Association, Mathew Akinlade, praised the management of NB Plc for prioritizing the welfare of the shareholders and posting an impressive financial performance amidst a challenging business environment.

In case you missed it: Shareholders of Nigerian Breweries Plc had unanimously approved the issuance of 2.1 billion bonus shares valued at N84 billion, to qualifying shareholders.

This approval was made known in a press release signed by the Head of the Corporate Affairs Unit, Sade Morgan, following the conclusion of its Extraordinary General Meeting held at the Oriental Hotel, Lagos.

According to the company, the qualified shareholders entitled to receive a bonus of one share for every four shares were those who were on the register of members at the close of business on Tuesday, December 6, 2022.

The Chairman of Nigerian Breweries Plc, Dr Kola Jamodu, explained that the decision was taken based on the company’s robust share premium account and in response to the yearnings of shareholders over the years for bonus shares.

He added that with the issuance of the 2.1 billion shares, the company has now closed the gap between its issued and unissued shares as required by the Corporate Affairs Commission pursuant to the provision of sections 124 and 868 of CAMA 2020.