International Breweries Plc Seeks Approval for $379.9 Million

The Board of International Breweries Plc has announced that it will seek approval for a $379.9 million shareholder loan and debt-to-equity conversion, part of a special resolution at the company’s Extraordinary General Meeting (EGM).

The announcement was contained in the company’s notice of EGM, scheduled for April 9, 2024, in Lagos, to the Nigerian Exchange Limited and Investing Public.

The statement stated that International Breweries Plc has secured approval for a $379.9 million shareholder loan from AB InBev Nigeria Holdings BV and intends to repay a loan from Citibank Abu Dhabi.

Also, pending regulatory compliance, the Board of Directors has been authorised to allocate convertible loans or other facilities owed by the company to individuals towards payment for shares subscribed to in a Rights Issue approved by shareholders.

Read the full announcement here

The statement partly reads,

That the loan of US$379.9 million granted to International Breweries Plc by AB InBev Nigeria Holdings BV (‘the Shareholder Loan') to repay 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 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 the Company's shareholders have approved. 

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.