Kelechukwu Mgboji 
The Managing Director and Chief Executive Officer of Nigerian Breweries Plc, Mr. Hans Essaadi, has blamed the company’s N328 billion debt on extreme volatility of the country’s business environment, saying it has become extremely difficult to predict.
Speaking during the company’s Facts behind the Figures presentation at the Nigerian Exchange as a leading Nigeria digital bank.
“These appointments mark a significant step in Polaris Bank’s journey towards achieving sustained growth and delivering exceptional value to our stakeholders.”
Dr Kassim Gidado, Polaris Bank’s new Board Chairman, brings over 35 years of expertise in Engineering, Project Management and Strategic Development.
He brings a wealth of expertise and a dynamic vision to the bank’s board. He has held prestigious roles, including Group Managing Director and Chief of Staff at MAG Group Limited where he managed a diverse portfolio of companies across 35 countries.
(NGX) on Monday, the Nigerian Breweries boss said that the company’s huge debt overhang was the consequence of foreign exchange revaluation in the 2023 financial year.
According to him, the business environment in the last three years has been extremely unpredictable, making business planning and projections quite difficult.
However, he expressed faith in the country’s capacity to turn things around even unexpectedl. Mr. Essaadi led top management team of the foremost brewers to the stock exchange on a mission to convince shareholders and investors to pick up their rights issue.
Nigeria’s foremost brewery is seeking to raise a whopping sum of N599.9billion through rights issue of 22,607,491,232 ordinary shares of 50kobo on the basis of11 new shares for every five shares held at the close of business on Friday July 12, 2024 at the price of N26.50 per share.
The rights offer are tradable on the Nigerian Exchange, implying that existing shareholders can sell their rights to other investors who wish to take up their rights or units of shares due to such shareholders.
According to the lead Issuing House, Vetiva Advisory Services Limited, the offer, which opened on Monday September 2, is expected to close on Friday October 11.
