$379.9m loan approved by International Breweries shareholders

The shareholders of International Breweries have expressed approval to a loan of $379.9m from its majority shareholder, AB InBev Nigeria Holdings BV, to enable the company to repay a loan obtained from Citibank Abu Dhabi.

Similarly, at its recently held Extraordinary General Meeting, whose resolutions were filed with the Nigerian Exchange Limited, the shareholders have approved the conversion of the loan to equity in the planned rights issue of the brewer, which is one of the largest breweries in the world.

According to the resolutions, “Approval of Shareholders Loan: That the convertible loan of $379.9m from AB InBEV Nigeria Holdings BV (‘Shareholder Loan”) in respect of the repayment of the loan obtained by the Company from Citibank Abu Dhabi is hereby accepted and approved in accordance with the terms and conditions presented by the Management of the Company.

“Conversion of the loan to equity: That subject to complying with applicable regulatory requirements, the Directors are authorized to apply all sums due from the Company to AB InBev Nigeria Holdings BV under the Shareholders Loan, towards payment for any shares subscribed for by AB InBev Nigeria Holdings BV in the company’s Right Issue that has been approved by the Shareholders of the Company.”