The Nigerian Breweries Plc has kick started a new phase of its N100 billion commercial paper programme, making the brewery company  raise N20 billion from investors.

A report signed by the Nigerian Breweries Secretary, Uaboi Agbebaku, revealed that the commercial papers were launched on Wednesday, 11st January, 2023.

According to the report “Nigerian Breweries Plc is pleased to inform The Exchange Limited and the investing public of the issuance of its Commercial program with the launch of Series 1, 2, and 3 of the program under its N100 billion CP program which opens on 11th January, 2023”.

The capital raise will come in series 1, 2, and 3 which will last consecutively for 91 days, 120 days, and 154 days respectively, aimed at raising N20 billion to aid its short-term funding needs 

Basically, the commercial papers provide corporations an opportunity to borrow from investors to meet short-term financial responsibilities at a fixed interest rate.

The report also stated that “CP Programme continues to provide the opportunity for non-equity investors to invest in the Company, support the Company’s cost management initiatives and serve as an additional source of funding for the Company”.

The Nigerian Breweries is a member of the HEINEKEN Group, Nigeria’s pioneer and largest brewing company, incorporated as “Nigerian Brewery Limited” in 1946.

The Brewing company is the recipient of several awards and recognition in other areas of its operations such as product quality, marketing excellence, productivity and innovation.

It has a rich portfolio of twenty high-quality brands like Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz and Legend.