Nigerian Breweries Plc (NB Plc) has announced that it will seek shareholders’ approval for the cancellation of 1.9bn unissued shares at its upcoming 79th Annual General Meeting (AGM), scheduled to take place virtually.
The move follows the company’s N599.1bn Rights Issue, which led to the creation of additional shares and a subsequent adjustment in share capital.
In the company’s notice of AGM, the company disclosed that the AGM will cover key resolutions, including share capital restructuring, director remuneration, and approval of related-party transactions.
Shareholders will be asked to ratify the cancellation of 1,900,596,690 (1.9bn) ordinary shares of 50 kobo each, which were not taken up under the Rights Issue.
According to the company, this adjustment aligns with Section 124 of the Companies and Allied Matters Act 2020 (as amended) and Regulation 13 of the Companies Regulation 2021.
It noted that prior to this cancellation, the Rights Issue had increased the company’s share capital to N16.44bn, divided into 32.88bn ordinary shares.
With the cancellation of the unissued shares, the company’s revised share capital now stands at N15.49bn, comprising 30.98bn ordinary shares of 50 kobo each.
In addition to the share capital adjustments, shareholders will vote on fixing the remuneration of Non-Executive Directors at N222.44m for the 2025 financial year.
The AGM will also address the renewal of the general mandate allowing NB Plc to conduct recurrent related-party transactions essential to its daily operations, such as procurement of goods and services under standard commercial terms.
