Guiness Nigeria Plc to raise NGN40 billion at its EGM

EGM

Guinness Nigeria Plc has planned to hold a general meeting tagged ”an Extra- Ordinary General Meeting (EGM) “on Tuesday in Lagos where it will seek the approval of its shareholders for permission to raise up to NGN40 billion.

The Corporate Communications Manager of the company said “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 NGN40 billion.

“Guinness Nigeria, a subsidiary of Diageo Plc, was established in 1960 and has a base of over 70, 000 local and international shareholders.

As at last year,Guinness Nigeria 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.

“It later commissioned a spirits line for locally manufactured spirits at its Benin plant in November.

“This week, the company is also expected to release its first half results for the 6-month period ended Dec. 30, 2016.

The move is another means Guinness Nigeria PLC will be using to raise more funds for its operations in Nigeria. The company had approached Diageo, its parent company to acquire more stake in the company. Diageo did not take up the offer. A development that was seen as a let down for the company.

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