Commenting, Peter Ndegwa, MD of Guinness Nigeria Plc said: “This Rights Issue will allow the Company to deliver on its strategic objectives and give all our shareholders a unique opportunity to increase the number of shares they hold. Our expectation is that funds raised will help mitigate the impact of increasing finance costs, optimize our balance sheet and improve the company’s financial flexibility.”
Babatunde Savage, Chairman, Guinness Nigeria Plc, stated that this process is part of the Company's long term plans to continue to invest in its business in Nigeria, commenting, "We have been here in Nigeria for 67 years and, while it has been challenging in recent times for many Nigerian businesses, we remain committed to this market as evidenced by our decision to offer this Rights Issue. We are grateful for the support that we have received from our shareholders and other stakeholders up to this point.”
Guinness Nigeria Plc has also been a champion for community development recently. Leveraging its flagship ‘Water of Life’ scheme, the company has delivered 35 water facilities across 24 states in Nigeria. These facilities have helped provide clean drinking water for over 1.5 million Nigerians.
Stanbic IBTC Capital Limited is acting for Guinness Nigeria Plc as Issuing House for the Rights Issue. Full terms of the Rights Issue will be set out in a Rights Circular to be mailed directly to shareholders of the Company, which contains a Provisional Allotment Letter and the Participation Form.
The Company urged investors to read the Rights Circular and where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.