Guinness Nigeria holds EGM, approves Rights Issue

The management of Guinness Nigeria Plc says it will hold an Extra-Ordinary General Meeting (EGM) on Tuesday, as it seeks shareholders’ approval for the planned Rights Issue.

The company had announced at the end of 2016, its intention to offer a Rights Issue as part of plans to optimise its balance sheet and improve its financial flexibility.

The EGM which will hold in Lagos will set the scene for the company to raise up to N40 billion. Guinness Nigeria a subsidiary of Diageo Plc, was established in 1960 and has a base of over 70, 000 local and international shareholders.

Guinness Nigeria last year became the first total beverage company when it acquired rights to distribute international premium spirits like Johnnie Walker and Baileys in Nigeria in January 2016 and later commissioned a spirits line for locally manufactured spirits at its Benin plant in November.

The company is however expected to release its first half results for the 6-month period ended 30 December 2016, this week.