Tag: International Breweries

Beer Sectoral Group appoints Guinness Nigeria’s CEO Baker Magunda as group Chairman

Editor

NIGERIA – The Beer Sectoral Group (BSG), a section of the Manufacturers Association of Nigeria (MAN), has announced the appointment of Baker Magunda as Chairman of the group with effect from 1st August 2021. The BSG is a trade association comprising beer manufacturers in Nigeria to include Guinness Nigeria Plc, Nigerian Breweries Plc, and International Breweries PLC. Magunda will now head the group whose mission is to develop the beer industry by encouraging sound professional practice among members and building understanding of stakeholders to promote responsible drinking and the social…

Read More

International Breweries loss shrink benefiting from cost reduction strategies

Editor

NIGERIA – Nigerian subsidiary of AB InBev, International Breweries Plc has reported a 1.53% revenue decline in the nine months ended September from the previous year’s N97.66 billion (US$256.1m) to N95.77 billion (US$251.2m). Despite the decline in revenue, the company registered a drop in both administrative and marketing expenses which led to the shrinking of its loss before tax. Loss before tax stood at US$46.4m, compared with US$62.95m of the corresponding period. During the period under review, the brewer’s administrative expenses amounted to N17.61 billion (US$46.2m), a 9.86% drop from…

Read More

Nigerian beer manufacturers show solidarity with victims of recent violent protests

Editor

NIGERIA – The Beer Sectoral Group of the Manufacturers Association of Nigeria has condemned the violence that marred the peaceful protest around the country. “Over the past few days, we have all witnessed the sad events that have taken place in our beloved country Nigeria. What commenced as a peaceful movement was overrun and became marred by violence, resulting in loss of lives and property across our nation. “We, therefore, denounce the violence that has erupted across our nation and we want to lend a hand to support those rendered…

Read More

International Breweries dives into deeper losses recording US$14.6m loss in first quarter

Editor

NIGERIA – International Breweries Plc, Nigerian subsidiary of Anheuser-Busch InBev has recorded a loss of N5.645 billion (US$14.6m) for the first quarter ended March 31, 2020 triggered by foreign exchange loss and high cost of sales. The brewing firm has also recorded a revenue of N35.348 billion (US$91.4m), up marginally from N35.097 billion (US$90.8m) in the corresponding quarter of 2019. Cost of sales rose from N26.151 billion (US$67.67m) to N29.176 billion (US$75.50m) in 2020. Administrative expenses fell from N4.891 billion (US$12.65m) to N4.761 billion (US$12.32m), while marketing and promotion expenses…

Read More

International Breweries raises US$452.9m in a fully subscribed Rights Issue

Editor

NIGERIA – International Breweries Plc, the Nigerian unit of global brewer, Anheuser-Busch InBev has achieved 100% subscription in its just-concluded Rights Issue, which was described as the largest in Nigeria. The brewery giant was able to raise N165 billion (US$452.9m) through the sale of 18.3 billion units of ordinary shares of 50 kobo each at N9.00 per share to its existing shareholders in December 2019. This was followed by the parent company AB InBev injected N123bn (US$339m) into the brewery’s operations, committing to participate fully in the capital raising exercise.…

Read More

International Breweries appoints Hugi Dia as new Managing Director

Editor

NIGERIA – International Breweries Plc, the Nigerian unit of global brewer, Anheuser-Busch InBev has appointed Mr Hugo Dias Rocha as the breweries Managing Director following the resignation of Annabelle Degroot. Annabelle rendered her resignation which will be effective 31 December 2019 alongside Finance Director Mr Zuber Momoniat. Mr Hugo has been with AB InBev for 24 years and has worked in different leadership roles within the Sales, Process Integration and Human Resources functions in various countries including Brazil, Dominican Republic, China, Colombia, Argentina and South Africa. He holds a Masters…

Read More

AB InBev pumps US$339m into its Nigerian subsidiary International Breweries

Editor

NIGERIA – Anheuser-Busch InBev (AB InBev) the parent company of International breweries has injected N123bn (US$339m) into the breweries operations, committing to participate fully in the new capital raising exercise. This follows the approval by the shareholders of IB, allowing its board raise capital through rights issue due to the growing debt at the brewing company. International Breweries saw its debt grow as it mounts a challenge to break the dominance of the Nigerian beer market by Heineken controlled Nigerian Breweries Plc and Guinness Nigeria Plc, a subsidiary of Diageo…

Read More

Int’l Breweries to raise US$458m through ‘rights issue’ to offset staggering losses and mounting debt

Editor

NIGERIA – International Breweries Plc, the Nigerian unit of global brewer, Anheuser-Busch InBev is planning to raise N165bn (US$457.7m) in a share sale in order to reduce the mounting debt and reverse losses. This follows the approval of the brewers’s ‘Rights Issue’ by its shareholders in mid-October. The Board of Directors discussed the forthcoming Rights Issue and the proposed terms thereof and approved a Rights Issue price of N9.00 per share. According to the company, current shareholders of the company may get share offers in November if the company gets…

Read More

International Breweries shareholders approve raising capital through Rights Issue

Editor

NIGERIA – The shareholders of International Breweries Plc have approved the company’s ‘Rights Issue’ as proposed by the Board of Directors and further authorised the board to take all steps required to give effect to the resolutions as approved. In a statement released to the Nigerian Stock Exchange (NSE), it read, “International Breweries Plc hereby notifies The Nigerian Stock Exchange that the Shareholders of the Company at the General Meeting held on 15 October, 2019 approved the Rights Issue as proposed by the Board of Directors and authorized the Board…

Read More

International Breweries to raise capital through Rights Issue

Editor

NIGERIA – International Breweries Plc, the Nigerian subsidiary of Anheuser-Busch InBev has notified the Nigerian Stock Exchange (NSE) of its intention to seek a “Rights Issue” as a form of capital raising for the company, reports Beverage Industry News. A rights issue is an issue of shares offered at a special discounted price by a company to its existing shareholders in proportion to their holding of old shares. The move comes as International Breweries has seen its debt grow as it mounts a challenge to break the dominance of the…

Read More