Guinness Ghana Breweries Limited GGBL GHC180m Right Issue oversubscribed

The breweries company succeeded in raising GHC186.4 million instead, which was GHC694,000 more than it had aimed to raise,  and had to return it.

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Francis Agbonlahor, MD – GGBL launching the Rights Issue. With him are Stephen Nirenstein, Finance Director, Board Members of GGBL and MD of the GSE play

Francis Agbonlahor, MD – GGBL launching the Rights Issue. With him are Stephen Nirenstein, Finance Director, Board Members of GGBL and MD of the GSE

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Guinness Ghana Breweries Limited’s GHC180 million Rights Issue has been over-subscribed.

The breweries company succeeded in raising GHC186.4 million instead, which was GHC694,000 more than it had aimed to raise,  and had to return it.

Guinness Ghana launched the GHS180 million rights offer  in March, 2016 with the aim of  retiring  part of its debt.

READ MORE:Ghana Telecom Vodafone Ghana not enlisting on Stock Exchange any time soon

The company believed that the move would optimise its capital structure and improve its financial and operational flexibility.

Following  an earlier Rights Issue of GHC70,000,000 in November 2011, the Company successfully reduced its outstanding net debt from GHS 104,907,000 as at June 2011 to GHS 5,626,000 as at June 2012.

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