Guinness holds extra-ordinary meeting over N40bn rights issue

By Abimbola Fashakin, Lagos
Guinness Nigeria Plc will seek to raise up to N40 billion if it secures the shareholders approval when it hold an Extra-Ordinary General Meeting (EGM) on Tuesday.
A statement from the Corporate Communications Manager said in Lagos on Monday said the company would seek shareholders’ approval for its planned Rights Issue at the meeting.
“The company had announced at the end of 2016, its intention to offer a Rights Issue as part of plans to optimise its balance sheet and improve its financial flexibility. The EGM which will hold in Lagos will set the scene for the company to raise up to N40 billion.
“Guinness Nigeria, a subsidiary of Diageo Plc, was established in 1960 and has a base of over 70, 000 local and international shareholders.
Guinness Nigeria last year became the first total beverage company when it acquired rights to distribute international premium spirits like Johnnie Walker and Baileys in Nigeria in January 2016.
“It later commissioned a spirits line for locally manufactured spirits at its Benin plant in November. This week, the company is also expected to release its first half results for the 6-month period ended Dec. 30, 2016.

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