The Securities and Exchange Commission (SEC) has approved the commencement of Nigerian Breweries Plc’s Rights Issue of 22.607 billion Ordinary Shares of 50k each at N26.50 per share.

Mr Uaboi Agbebaku,Company Secretary of Nigerian Breweries, confirmed this in a disclosure sent to the Nigerian Exchange Ltd.(NGX)on Tuesday in Lagos.

“Nigerian Breweries has obtained the approval of SEC to commence the company’s Rights Issue of 22.607 billion ordinary shares of 50k each at N26.50 per share,”he said.

Agbebaku said that following the approval, the offer opened on Monday and would close on Oct. 11.

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He explained that the offering was to existing shareholders on the basis of 11 new ordinary shares for every five ordinary shares held as at July 12, being the qualifying date.

“The rights circular will be sent to all shareholders recorded in the register of members as at that date.

“Shareholders are advised to contact their stockbrokers for more details about the offer,” he said.