Business

NB seeks share swap for dividends

Nigerian Breweries Plc will, at the company’s 75 Annual General Meeting (AGM), seek approval from shareholders a right for interested shareholders to elect to receive new ordinary shares in the company instead of the final dividend in cash. The Managing Director/ CEO, Mr. Jordi Borrut Bel, who stated this at the company’s pre-AGM press conference, said this would give such shareholders the opportunity to reinvest the money in the company and increase their shareholdings without incurring capital market transaction cost. The company equally stands to benefit from the share option as the cash which would otherwise be paid out as dividends would be retained by the company for working purpose. The recommendation, which amounts to a total dividend of N0.94 per ordinary share of 50 kobo each, represents a 100 per cent payout.

 

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