iBroker Ghana

Guinness Ghana Breweries Limited (GGBL) has listed an additional 46,666,667 ordinary shares on the Ghana Stock Exchange’s First Official List as a result of the Rights Issue which lasted from October 17, 2011 to November 14, 2011.

The offer which was intended to raise GHS70 million ended up with about 45% oversubscription as the brewery giant raised GHS 101.22 million. To this end, a total of GHS31.22 million was refunded to some 89 applicants out of the total 408 applicants.

Shareholders of GGBL were entitled to 1 new share for every existing 3.5287 existing shares at an offer price of GHS1.50 per share. The proceeds from the offer will be used to reduce the trade and interest bearing debt stock of the company.

In a related story, the company announced the resignation of its Managing Director, Mr Ekwunife Okoli , His resignation takes effect from December 4, 2011. He will however continue to serve on the Board of GGBL as a Non-Executive Director.


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