Why Nigerian Breweries increased its number of outstanding shares

Nigerian Breweries last week increased its number of outstanding shares from 7,562,704,432  to 7,929,100,888 units last week. This was because the company had now absorbed shares it offered to minority shareholders of Consolidated Breweries following its merger with Nigerian Breweries Plc.

A total of 366,396,456 Ordinary Shares of 50 Kobo Each, being scheme shares allotted to minority members of Consolidated Breweries Plc as a result of the Merger between Nigerian Breweries Plc and Consolidated Breweries Plc at a Price of N120 per share were added to the share outstanding of Nigerian Breweries Plc, thus bringing the total outstanding shares of the company to 7,929,100,888 units