Alex Omenye
The Chairman of the Board of Directors of International Breweries Plc, Obi Nnaemeka Achebe, has expressed optimism that the repayment of the company’s foreign exchange-denominated loans will help steer the firm back to sustainable profitability.
In a statement released on Monday, Achebe highlighted the brewer’s significant progress, particularly following its recent rights issue, which facilitated the repayment of the forex-denominated loans that had burdened the company for years.
“The elimination of our FX exposure will improve IBPLC’s cash flows and support the company’s return to profitability,” Achebe said. “The offer was backed by our core shareholder, Anheuser-Busch InBev, who fully followed their rights, signaling a strong belief in the Nigerian market and economy.”
Achebe also noted that the repayment of the $379.9 million loan, enabled by AB InBev, has strengthened the company’s financial position, enhancing its ability to pursue innovation, improve operational efficiency, and capitalize on new opportunities.
“We are proud of the strides we’ve made in fortifying our business and setting the stage for long-term growth,” he added.
International Breweries recently completed a rights issue of 161.17 billion shares, raising N581.7 billion. The offer, which ran from May 21 to June 10, allowed shareholders to subscribe to six new shares for every one held at N3.65 per share, and also attracted new investors.
