International Breweries Market Cap Gains N165.20bn As Caceres Joins Board.
Investors have swooped on the shares of International Breweries Plc, pushing its market capitalisation to N181.318 billion on the Nigerian Exchange Limited (NGX).
The attraction in the company coincides with the board approval of Eduardo Caceres as a Non-Executive Director to replace Andrew Murray.
The company’s market capitalization opened trading on the Nigerian Bourse at N165.20 billion and appreciated by N16.117 billion or 9.76 per cent to close at N181.318 billion.
During Friday’s trading session on the NGX, the brewing giant saw its share price jump 9.76 per cent, gaining 60 kobo in share value to settle at N6.75 kobo per share up from its previous value of N6.15 kobo per share.
The company sold a total of 23.549 million units of shares worth N158.803 million, with its outstanding shares kept at 26,862,068,550.
Meanwhile, the Board of International Breweries Plc has announced the appointment of Eduardo Caceres as an Executive Director following the resignation of Andrew Murray.
“International Breweries Plc hereby informs Nigerian Exchange Limited “NGX” and the investing public of the following changes in the Board of Directors arising from the Board Meeting of the Company held on 27 April 2022,” the company said.
According to a statement on Friday by Muyiwa Ayojimi, the Company Secretary/General Counsel, Eduardo Caceres comes to the role with adequate industry experience.
“The resignation of Andrew Murray, as a Non-Executive Director from the Board effective 29 April 2022 was accepted. The Board is appreciative of the contributions of Andrew Murray to the Company and wishes him well in his new assignment.
“The Board also approved the appointment of Eduardo Caceres as an Executive Director on the Board of the Company effective 29 April 2022.
According to the company, “Eduardo Caceres has had the opportunity of working for AB InBev for over a decade with hands-on experience across functions in 3 different areas of operations. He has held management roles in commercial, marketing, and innovations and was Head of Revenue, Planning and Performance within the Company.
International Breweries added that Eduardo Caceres has focused on the profitability of the Company, through a series of cyclic top-line plans, controls and forecasting models for the Company. This he has been doing for about 3years until recently when he was appointed to the Board of the Company.
“The Board is pleased to welcome Eduardo Caceres to the Board and trust that his inclusion will boost stakeholder’s value,” the brewing firm added.
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