Nigerian Breweries indicates plans for company-wide reorganisation as part of strategic recovery plan

Following the recent announcement of its Business Recovery Plan, Nigerian Breweries Plc has indicated plans for a company-wide reorganisation aimed at securing a resilient and sustainable future for its stakeholders. This move is essential to improve the company’s operational efficiency, financial stability and enable a return of the business to profitability, in the face of the persistently challenging business environment.

It would be recalled that the company recently notified the Nigerian Exchange Group of its plan to raise capital of up to N600 billion by way of a Rights Issue, as a means of restoring the company’s balance sheet to a healthy position following the net finance expenses of N189 billion recorded in 2023 driven mainly by a foreign exchange loss of N153 billion resulting from the devaluation of the naira.

“We recognize and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other 7 breweries; and providing strong support and severance packages to all those that become unavoidably affected.

It would be recalled that Nigerian Breweries recently added to its broad portfolio with the acquisition of an 80% business stake in Distell Wines and Spirits Limited, a local business in the wines and spirits category, as a demonstration of its resilient and forward-thinking strategy to deliver long-term value creation for its shareholders and other stakeholders.

Source: News Formal (newsformal.com)

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigerian Breweries Plc Reports Huge Losses for 2023Nigerian Breweries Plc suffered losses throughout 2023, resulting in a total loss of N106.3 billion for the year. This has significantly reduced the company's equity resources, which decreased from N180 billion to N63.3 billion.
Source: thecableng - 🏆 2. / 80 Read more »

Nigerian Breweries records N106bn loss, equity shrinks to lowest in yearsNigeria's independent online newspaper
Source: thecableng - 🏆 2. / 80 Read more »

Nigerian Breweries to raise N600 billion through rights issueProceeds from the rights issue would help to reduce the huge debt burden of Nigerian Breweries, thereby leading to a healthier balance sheet.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Nigerian Breweries to raise N600b new equity from shareholdersThe Nation Newspaper Nigerian Breweries to raise N600b new equity from shareholders
Source: TheNationNews - 🏆 6. / 69 Read more »

Nigerian Breweries, Development Bank renew pact with Okpekpe raceThe Nation Newspaper Nigerian Breweries, Development Bank renew pact with Okpekpe race
Source: TheNationNews - 🏆 6. / 69 Read more »

Nigerian Breweries brings “The Big Weekend Experience 2.0” to Onitsha, Warri, Akure this EasterNigerian Breweries Brings 'The Big Weekend Experience 2.0' to Onitsha, Warri and Akure This EasterNigerian Breweries, the pioneer and largest brewing company in Nigeria, is set to host the second edition of the 'Big Weekend Experience' across three cities simultaneously - Onitsha, Warri, and Akure.
Source: DailyPostNGR - 🏆 11. / 59 Read more »