Ghana: Guinness Ghana’s rights issue oversubscribed

Guinness Ghana Breweries Limited’s GHC180 million Rights Issue has been over-subscribed, Pulse.com.gh reported on June 21.

The 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.

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.

21 June, 2016