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E-Malt.com Newsletter 15b
April 10 - April 13, 2025
Quote of the Week
The good life is a process, not a state of being. It is a direction, not a destination.
Carl Rogers
Currency Rates
Base Currency: US Dollar
on April 11, 2025 |
Base Currency: Canadian Dollar
on April 11, 2025 |
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1 USD = 0.9014 EUR
1 USD = 0.7746 GBP
1 USD = 1.4040 CAD
1 USD = 1.6158 AUD
1 USD = 145.5610 JPY
1 USD = 5.8644 BRL
1 USD = 84.7997 RUB
1 USD = 7.3328 CNY
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1 CAD = 0.7122 USD
1 CAD = 0.5516 GBP
1 CAD = 0.6419 EUR
1 CAD = 1.1507 AUD
1 CAD = 103.6610 JPY
1 CAD = 4.1764 BRL
1 CAD = 60.3899 RUB
1 CAD = 5.2220 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: Constellation Brands slashes sales and earnings outlook for the coming years
...Click here
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Canada: Barley crop 2025 expected to increase to 8.8 mln tonnes
...Click here
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USA: Trump’s immigration crackdown hitting Modelo and Corona beer sales
...Click here
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USA, CO: Cerebral Brewing to open a new location in Denver on April 12
...Click here
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USA, LA: Bayou Teche Brewing to open a new location in downtown Lafayette
...Click here
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USA, NJ: Bullhide Brewing Company nears opening in Cowtown’s Pilesgrove
...Click here
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USA, OR: Tilray closing Hop Valley Brewing in Eugene
...Click here
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USA, DE: Midnight Oil Brewing Co. to shutter for good later this month
...Click here
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USA, OR: Westward Whiskey files for Chapter 11 bankruptcy
...Click here
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USA, CA: Moylan’s Brewing Company to close its doors permanently on May 4
...Click here
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World: Demand for speciality malts rising as craft beer popularity grows globally
...Click here
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UK: UK brewers see dramatic decline in both sales and margins in 2024
...Click here
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World: Barley trade, production forecasts almost unchanged this month
...Click here
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Australia: New data shows Australians reshaping their drinking habits but beer remains a timeless favourite
...Click here
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Japan & Europe: Japan’s Asahi now one of Europe’s largest beer makers
...Click here
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Australia: No changes to barley crop 2024 and 2025 forecasts
...Click here
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Argentina: Barley crop forecasts stable for both 2024 and 2025
...Click here
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Ireland: Guinness recognized as the most valuable brand in Ireland
...Click here
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Belgium: Haacht Brewery facing difficulties as beer sales decline
...Click here
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Australia: Both malting and feed barley exports down in February
...Click here
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Spain: Owners of Estrella Galicia acquire majority stake in Basqueland Brewing
...Click here
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World: Diageo launches and prices $1.5 bln SEC‐registered bond offering
...Click here
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Nigeria: Nigerian Breweries eyes alternative funding to reduce interest burden
...Click here
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Graph of the Week
Table of the Week
Europe Beer Production by Country 2021 - 2024s
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
10 April
1790 - U.S. Patent system forms
1816 - The Federal government of the United States approves the creation of the Second Bank of the United States
1930 - Synthetic rubber 1st produced
1956 - Philips broadcasts 1st Dutch color TV programs
11 April
1919 - The International Labour Organization is founded
1929 - Loetafoon celluloid film system demonstrated in Amsterdam
1992 - Euro-Disney opens near Paris
1994 - Software programmer Marc Andreesen, then 22 years old, and venture capitalist Jim Clark, the co-founder of Silicon Graphics Inc., found Mosaic Communications Corp
12 April
1903 - Jan Tinbergen is born, Dutch economist and U.N. advisor, Nobel 1969
1905 - French Dufaux brothers test helicopter
1992 - The Euro Disney Resort officially opens with its theme park Euro Disneyland. The resort and its park's name are subsequently changed to Disneyland Paris
1996 - One of the first companies ever to go public with an exclamation point in its name, Yahoo! Inc., launches its IPO on NASDAQ, selling 2.6 million shares at an initial price of $13 a share
13 April
1785 - John Walter publishes 1st issue of London Times
1888 - National Geographic Society is founded in Washington, D.C.
1942 - Henry Ford patents a method of constructing plastic auto bodies
1976 - The United States Treasury Department reintroduces the two-dollar bill as a Federal Reserve Note on Thomas Jefferson's 233rd birthday as part of the United States Bicentennial celebration
Agenda
April 2025:
10 - 12: KIBEX 2025 (Seoul, South Korea)
11 - 12: InnBrew 2025 (Barcelona, Spain)
11 - 13: Barcelona Beer Festival 2025 (Barcelona, Spain)
15 - 17: Craft Beer China 2025 (Shanghai, China)
28 - 01 May: Craft Brewers Conference & BrewExpo America 2025 (Indianapolis, USA)
28 - 30: 27th Annual International Beer Strategies 2025 (Prague, the Czech Republic)
May 2025:
01 - 01: World Beer Cup 2025 (Indiana Convention Center, Indianapolis, IN, USA)
06 - 06: The Melbourne Royal Australian International Beer Awards 2025 (Melbourne, Australia)
08 - 11: Wiener Bierfest 2025 (Vienna, Austria)
12 - 13: European Malt Supply Summit 2025 (Paris, France)
13 - 15: International Beer Strategies Conference 2025 (Prague, the Czech Republic)
16 - 17: Copenhagen Beer Festival 2025 (Copenhagen, Denmark)
16 - 18: Cerveza Mexico Expo 2025 (Expo Guadalajara, Jalisco, Mexico)
18 - 20: EBC Symposium 2025 (Budapest, Hungary)
26 - 01 June: Budapest Beer Week 2025 (Budapest, Hungary)
June 2025:
10 - 11: IGC Grains Conference 2025 (116 Pall Mall, London, UK)
13 - 14: Tallinn Craft Beer Weekend 2025 (Tallinn, Estonia)
16 - 18: VLB Africa Brewing Conference 2025 (Maputo, Mosambique)
20 - 22: Mondial de la Biere 2025 (Montreal, Canada)
July 2025:
03 - 04: The CIBD Sustainability in Brewing Conference 2025 (Nottingham, UK)
18 - 19: London Craft Beer Festival 2025 (London, UK)
August 2025:
05 - 09: Great British Beer Festival 2025 (Birmingham, UK)
07 - 09: VIETFOOD & BEVERAGE - PROPACK VIETNAM 2025 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
13 - 15: Brewing Summit 2025 (Palm Desert, CA, USA)
22 - 23: Beervana 2025 (Wellington, New Zealand)
September 2025:
04 - 06: Stockholm Beer & Whisky Festival 2025 (Stockholm, Sweden)
13 - 14: Bruges Beer Festival 2025 (Bruges, Belgium)
15 - 19: Drinktec 2025 (Munich, Germany)
20 - 05 October: Oktoberfest 2025 (Munich, Germany)
27 - 29: Whisky Live Paris 2025 (Paris, France)
October 2025:
09 - 11: The Great American Beer Festival 2025 (Denver, USA)
16 - 17: Brew Asia 2025 (Bangkok, Thailand)
November 2025:
04 - 06: Brussels Beer Challenge 2025 (Belgium)
10 - 12: 15th Iberoamerican VLB Symposium Brewing & Filling Technology (Parana, Brasil)
13 - 15: Drink Technology India 2025 (Bombay Exhibition Centre, Mumbai, India)
December 2025:
03 - 05: Drink Japan 2025 (Makuhari Messe, Japan)
News Articles
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USA: Constellation Brands slashes sales and earnings outlook for the coming years
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The alcohol industry’s troubles continue as Constellation Brands slashed on April 9 its sales and earnings outlook for the coming years.
The distributor of beer
...More info on site
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Canada: Barley crop 2025 expected to increase to 8.8 mln tonnes
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Canadian barley production is steady across crop’24 at 8.1 mln tonnes; but an increase is expected in crop’25 to 8.8 mln tonnes, RMI Analytics
...More info on site
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USA: Trump’s immigration crackdown hitting Modelo and Corona beer sales
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President Donald Trump’s deportation push is spooking Latino customers and hurting beer sales, according to Modelo and Corona owner Constellation Brands, CNN reported on April 11.
Since taking office, Trump and his team have enacted aggressive measures to crack down on immigration, including invoking a rarely used wartime authority. The Trump administration has made some missteps in recent weeks, including mistakenly deporting a Salvadoran man.
About half of Constellation’s US customers are Hispanic, and some have stopped going out to restaurants and gathering in large groups out of fear of being swept up in deportations, Constellation Brands’ CEO William Newlands said on a conference call with analysts Thursday.
“A lot of consumers in the Hispanic community are concerned right now,” he said. “Social gatherings, an area where the Hispanic consumer often consumes beer, are declining today as part of these overarching concerns that they have.”
That pullback contributed to a 1% drop in Constellation’s beer shipments last quarter. Constellation said that the slowdown in beer sales was most pronounced at retailers in neighborhoods with large Hispanic populations.
In an interview with the Wall Street Journal, Newlands said some Latino shoppers are shifting their shopping to large retail chains in an attempt to blend into a
...More info on site
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USA, CO: Cerebral Brewing to open a new location in Denver on April 12
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One of Colorado's best breweries is opening a new Denver location tomorrow, April 12, Axios reported on April 11.
Cerebral Brewing's expansion defies industry trends and its approach shows how breweries are looking to survive in tight times.
The new brewery is located in the West Highland neighborhood at 3257 Lowell St., the former location for Oasis Brewing and before that a church.
The grand opening is scheduled for 11am on April 12.
The brewery's other two locations on Colfax Avenue, one in Aurora and one in Denver, produce some of the best IPAs and barrel-aged stouts in Colorado.
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USA, WY: Mountain Hops Brewhouse opens in Casper
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The Oil City is rapidly becoming a Brew City as another local craft brewery opens in its historic downtown corridor, K2 Radio reported.
Mountain Hops Brewhouse launched a soft opening of its new downtown location on the corner of Center and 2nd streets in Casper this week after months of preparation. The location at 101 E. 2nd was most recently occupied by a real estate firm, and for decades before was a jewelry business. It puts Mountain Hops’ second Casper location within short walking distances from Black Tooth Brewing, Frontier Brewing Company, Bull Horn Brewing and the recently opened Cygnet Brewing Company.
“It just seems to be the place where everybody is,” said owner and brewer Eric Magnuson, who opened Mountain Hops at 614 N. Beverly in June 2020. Now, after nearly five years of successfully cultivating loyal fans and enthusiasts, he’s ready to open a second space with a different vibe and more indoor seating. “We thought we could better serve the community here and get a little bit more exposure for the amazing craft beer scene we have.”
General manager Michelle Webb said feedback was instantly positive when they first started floating the idea. “Everybody was like, ‘Hell yeah,'” she said.
Eric
...More info on site
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USA, LA: Bayou Teche Brewing to open a new location in downtown Lafayette
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A popular Acadiana-based brewing company will open a brewery on the bottom floor of the 83-room hotel planned for downtown Lafayette, The Advocate reported on April 9.
Bayou Teche Brewing will occupy the 4,500-square-foot space in the $19 million Hotel Lafayette that is expected to open mid-year 2026, the hotel’s ownership group, Sans Souci Properties, announced Thursday.
The brewery will include beer produced on-site, along with a comprehensive food menu that will include wood-fired pizzas and crafted tiki cocktails. It will also operate a seasonal outdoor bar at the hotel’s pool, offer in-room dining to hotel guests and serve as the preferred food and beverage vendor to private events at the hotel.
Construction of the hotel is expected to kick off with a ground-breaking ceremony next month, said Gus Rezende, one of the four owners of the hotel. Demo work began last month on the site, which for years housed Don’s Seafood & Steakhouse restaurant.
“We really want to connect visitors with the vibrancy of the local culture and downtown Lafayette,” said Joseph Thrash with The Thrash Group, the design partner for the hotel. “(Bayou Teche Brewery is) not only bringing something to the hotel that is authentically local, but also giving any interested
...More info on site
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USA, NJ: Bullhide Brewing Company nears opening in Cowtown’s Pilesgrove
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Back in 2020, Bullhide Brewing Company announced plans to expand by building a new brewery at Cowtown Cowboy Outfitters, right next to the famous Cowtown Rodeo, 97.3 ESPN reported on April 9.
Bullhide excitedly posted on social media in 2023 that, after many years of roadblocks, they would be breaking ground. By July of 2024, the brewery was in the final stages of getting its construction project off the ground.
"Chalk it up to inexperience -- we thought we'd be open by now," the brewery posted on social media.
By the end of 2024, the structure of the brewery became visible, and so did the vision of the owners of Bullhide Brewerythe vision of the owners of Bullhide Brewery — which is now hiring.
"We're looking for enthusiastic beertenders and laborers to join our team in downtown Cowtown."
So next time you make a trip to the world-famous Cowtown Rodeo, now you have another reason and venue to check out, the new Bullhide Brewery in the heart of Salem County at 761 US-40 in Pilesgrove.
Bullhide Brewery joins Farmers & Bankers Brewing in Woodstown and Lost Elephant Brewing Company in Elmer, becoming the third brewery in Salem County.
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USA, OR: Tilray closing Hop Valley Brewing in Eugene
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Eugene, Oregon-based Hop Valley Brewing is one of the largest breweries in Oregon, now on their second corporate owner who is dropping the axe on their entire brewing operation, New School Beer + Cider reported on April 10.
Founded in Springfield, Oregon in 2009, Hop Valley was sold to Molson-Coors in 2016 which helped grow the brand into a major player known for affordable IPAs like Bubble Stash, Citrus Mistress, and Alphadelic. Last year the Cannabis giant Tilray Brands acquired Hop Valley Brewing, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery from Coors.
At the time, in August 2024, Tilray Brands Chairman and Chief Executive Officer Irwin D. Simon said, “Tilray Brands plans to continue to invest in the future of these craft breweries, accelerating their growth and capturing a wide range of new market opportunities. Tilray Brands is a beacon for craft brands, and we are committed to driving their growth and success within our portfolio. Our proven track record of integrating acquisitions and driving profitable growth gives us the confidence to deliver incredible value for our shareholders."
When Tilray began buying up formerly independent craft breweries from Anheuser-Busch/InBev in 2023 the news was greeted with great optimism. Those breweries 10
...More info on site
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USA, DE: Midnight Oil Brewing Co. to shutter for good later this month
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After seven years, it's last call for good at Midnight Oil Brewing Co., Delaware Online reported on April 9.
The Glasgow craft brewery has announced it will pour its final brew later this month, joining a string of First State breweries that have shuttered in recent years.
Midnight Oil's last day will be Saturday, April 19, and beer will be discounted until then as they attempt to sell every last drop of the good stuff.
"Today, as we prepare to close this chapter, we do so with full hearts. MOBC has been more than just a brewery – it has been a community, a family," the brewery posted last month on Facebook. "And while it’s time for us to say goodbye, we hope the friendships and memories we’ve built together will last long beyond our doors."
When Midnight Oil opened Feb. 3, 2018, at 674 Pencader Drive, it was the only brewery in Glasgow, cannonballing into an underserved craft beer market.
It was a location where craft geeks had options limited to brewpubs that made their own beer, such as the veteran beer hub Stewart's Brewing Co. in Bear or Newark's Iron Hill Brewing and Two Stones Pub.
It was a year after Midnight Oil opened
...More info on site
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USA, OR: Westward Whiskey files for Chapter 11 bankruptcy
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American single malt Westward Whiskey has filed for Chapter 11 bankruptcy to restructure the business, after facing ‘significant liquidity challenges’, The Spirits Business reported on April 9.
Thomas Mooney, founder and CEO of House Spirits Distillery (which trades as Westward Whiskey), filed a voluntary petition under subchapter V of the bankruptcy code in the US Bankruptcy Court for the District of Delaware.
Subchapter V can only be used by small businesses to expedite bankruptcy procedures, enabling them to negotiate a reorganisation, retain control of the business, and increase oversight.
Westward, based in Portland, Oregon, was founded in 2004 as one of only 30 craft distilleries in the US.
The brand is known for being a pioneer in American single malt whiskey, which recently became a formal category.
Westward claims to be the leading independent American single malt brand, behind only Proximo Spirits’ Stranahan’s, Diageo-owned Bulleit and Suntory’s Clermont Steep.
The brand received investment from Diageo-backed Distill Ventures in 2018, when it also embarked on a US-wide expansion.
However, Diageo announced last month that it would no longer be bringing new brands into the Distill Ventures accelerator programme, which resulted in job losses.
According to the Chapter 11 filing, Westward is facing “significant liquidity challenges” and a “great strain”
...More info on site
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USA, CA: Moylan’s Brewing Company to close its doors permanently on May 4
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Moylan’s Brewing Company, a Novato-staple for over 30 years, announced it will close its doors permanently on May 4, Patch.com reported on April 9 citing the brewery’s owner.
“This decision has been a difficult one, and it comes after much reflection on the legacy we’ve built together. Our brewery and restaurant have been more than just places of business — they have been home to countless memories, friendships, and shared experiences,” said owner Brendan Moylan on Facebook.
Moylan said there were many factors that led to closing.
“The business model has kind of changed. Craft beers are kind of an oversaturated market at this point. Generation Z is different in their drinking habits, and it's kind of a bad combination. We have a lot of overhead there. Keeps a lot to make that engine work," he said.
Moylan also announced they will hold a silent auction. Just ask for the binder behind the bar where there is a list of items to bid on ranging from anything you can imagine whether it be barstools, chalkboards or posters. All proceeds will go to employees to help them in this transition time.
Moylan’s Brewing Company opened at Rowland Plaza in Novato in 1995. It featured a 57-foot
...More info on site
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World: Demand for speciality malts rising as craft beer popularity grows globally
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The global caramel malt market is expanding due to the growing global popularity of craft brewing, RMI Analytics said in their latest report.
Caramel malt
...More info on site
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UK: Malt consumption up 1.2% in 2024
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For the third year in a row, the UK recorded growth in consumption of malt (not roasted), which increased by 1.2% to 1.2 mln
...More info on site
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UK: UK brewers see dramatic decline in both sales and margins in 2024
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UK brewers have seen a dramatic decline in both their sales and margins, reflecting the challenges facing independents in the industry, Beer Today reported
...More info on site
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World: Barley trade, production forecasts almost unchanged this month
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Global barley trade forecast for 2024/25 is flat in USDA’s April report, at 27.111 mln tonnes vs. 27.114 mln tonnes in the March forecast.
...More info on site
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Australia: New data shows Australians reshaping their drinking habits but beer remains a timeless favourite
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Australia has a stereotype of being a nation of heavy drinkers. From cracking a few cold ones after work, to ritually heading out to the pub on the weekend, there is no doubt alcohol is a widely accepted part of Aussie culture.
However, there are signs the drinking “norm” across the country is shifting, news.com.au reported on April 9.
New data from liquor store giant Dan Murphy’s has shown how Australians are reshaping their drinking habits.
Unsurprisingly, beer remains a timeless favourite for customers, but it was mid-strength and low carb offerings that saw the biggest sales growth across all generations for the 2024 financial year.
In comparison, full strength beer had the lowest growth, coming in behind ginger beer and premium Australian beer.
Dan Murphy’s managing director Agi Pfieffer-Smith said the landscape of Australian liquor is “evolving faster than ever”.
“As we move towards a more mindful and occasion-driven approach to drinking, there’s something exciting to explore for every generation,” she said.
This change is habits is also reflected in this year’s Body+Soul’s Health of the Nation report – a comprehensive, independent survey of the food, fitness and health habits of more than 3000 Aussies of all ages.
While the majority of those surveyed - 54 per
...More info on site
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Japan & Europe: Japan’s Asahi now one of Europe’s largest beer makers
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Asahi has achieved what many international beer brands could only dream of—taking on much-loved local brands and winning, Forbes reported on April 11.
A decade
...More info on site
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Australia: No changes to barley crop 2024 and 2025 forecasts
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There are no changes to Australia’s barley crop 2024 estimate, remaining at 13.0 mln tonnes. For crop’25, although it remains very early, the arrival
...More info on site
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Argentina: Barley crop forecasts stable for both 2024 and 2025
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There is no change to Argentina’s barley crop’24 estimate at 5.0 mln tonnes, while there remains sufficient malting barley quality availability within crop’24. However,
...More info on site
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Ireland: Guinness recognized as the most valuable brand in Ireland
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Guinness is the most valuable brand in Ireland while Baileys is the strongest brand in Ireland, according to a brand valuation consultancy's 2025 report, Irish Central reported on April 8.
67% of 18–25-year-olds think Guinness is a ‘cool’ brand, up from 22% in 2023, according to a new report from brand valuation consultancy Brand Finance.
Guinness remains the most valuable Irish brand, with its brand value rising 26% to €3.1 billion, attributed to rising demand and increased popularity.
Brand Finance data also reveals that 60% of young people now see Guinness as a ‘modern’ brand, up from 33% in 2023, and ‘consideration’ among women has increased from 67% to 77% in the same period.
This shift, Brand Finance says, underscores the evolving appeal beyond its traditional older male drinkers, strengthening its position for future brand value growth.
"Brand Finance data reveals that Guinness has seen a huge surge in popularity among Gen Z and women over the past two years," Henry Farr, Valuation Director of Brand Finance, commented.
"With minimal competition in the stout market and a strong foothold in non-alcoholic drinks, Guinness is a brand in a league of its own.
"Its ability to refresh and expand its consumer base underscores its status as a future-proof
...More info on site
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Belgium: Haacht Brewery facing difficulties as beer sales decline
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Belgium’s Haacht Brewery is facing difficulties as beer sales declined by 8.4% last year, marking the second consecutive year of decrease, The Brussels Times reported on April 9.
Revenue dropped by 5.7% in 2024, while the loss nearly doubled to 8.2 million euros, according to parent company Co.Br.Ha’s announcement on Tuesday before the stock market opened. The company proposes not to distribute any dividends this year.
The brewer of beers such as Primus, Tongerlo, Super 8, and Charles Quint has initiated a transformation plan towards sustainable recovery.
At the end of last year, Brewery Haacht announced plans to cut twenty jobs. Tuesday’s press release also stated that its credit agreements have been reaffirmed to "continue the transformation with the necessary financial space."
Last year’s revenue was 112.1 million euros, 6.8 million less than in 2023, with significant sales declines in Belgium (-4.9 million). To achieve revenue growth, partnerships have been announced with French brewery Brique House and concert venues AB and Wintercircus in Belgium. New products aligned with current consumer trends are also in the pipeline.
Haacht Brewery operates in four core markets: Belgium, France, Italy, and the Netherlands. The company notes that beer consumption is decreasing in Western Europe, with a shift from hospitality
...More info on site
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Australia: Both malting and feed barley exports down in February
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Australia exported 978,890 tonnes of barley and 123,500t of sorghum in February, according to the latest data from the Australian Bureau of Statistics.
At 891,255t, February’s feed barley exports were down 7 percent from the 957,394t sent offshore in January, with China on 517,509t continuing as the biggest customer by far.
Saudi Arabia on 113,004t and Japan on 103,131t were the second and third-biggest markets respectively, followed by Iran on 71,500t.
February malting barley exports at 87,635t were down 35pc from the 134,512t exported in January, with China on 86,534t and Vietnam on 1101t the only customers.
New-crop sorghum hit export channels in February, with exports of the red grain surging to 123,500t from 9179t in January.
China on 115,990t was the destination for 94pc of Australia’s February sorghum exports, followed by Taiwain on 4560t and The Philippines on 2732t.
Flexi Grain pool manager Sam Roache said February was the second-biggest month in more than a year for barley shipments.
“The strong pace of barley is no surprise, with excellent demand noted from a broad range of buyers across both feed and malting use,” Mr Roache said.
With around 60pc market share, which remains lower than expectations held by many, China has underpinned the program.
“We continue to see
...More info on site
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Spain: Owners of Estrella Galicia acquire majority stake in Basqueland Brewing
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Hijos de Rivera, the brand owner of Estrella Galicia, has snapped up a majority stake in domestic peer Basqueland Brewing, Global Drinks Intel reported
...More info on site
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World: Diageo launches and prices $1.5 bln SEC‐registered bond offering
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Diageo, a global leader in beverage alcohol, on April 10 launched and priced a $1.5 billion SEC‐registered bond offering, consisting of $750 million 5.125% fixed rate notes due 2030 and $750 million 5.625% fixed rate notes due 2035.
The issuer of the bonds is Diageo Investment Corporation, with payment of principal and interest fully and unconditionally guaranteed by Diageo plc. Proceeds from this issuance will be used for general corporate purposes. The bond offering is scheduled to settle on 15 April 2025.
Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Deutsche Bank Securities, and Goldman Sachs & Co. LLC have been appointed as active joint book‐running managers, and RBC Capital Markets LLC and Standard Chartered Bank have been appointed as passive joint book‐running managers on this offering.
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Nigeria: Nigerian Breweries eyes alternative funding to reduce interest burden
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Nigerian Breweries Plc has announced plans to seek shareholders’ approval for an amendment to Article 81 of its Articles of Association, aimed at revising the company’s borrowing limits and financing options to enhance financial flexibility, The Whistler reported on April 6.
The proposed amendment, set to be presented at the company’s upcoming Annual General Meeting (AGM), seeks to grant the Board of Directors greater authority in securing funding. This includes the ability to mortgage or charge company assets and issue securities to optimize capital access for operations and expansion.
Speaking at the company’s Pre-AGM media briefing, Managing Director/CEO, Mr. Hans Essaadi, acknowledged the company’s financial challenges, including debt levels and high interest burdens.
However, he reaffirmed the company’s commitment to overcoming these challenges through decisive actions.
“You would have seen from the notice of AGM that one of the items on the agenda is a request for shareholders’ approval to amend the borrowing clause in our Articles of Association,” Essaadi stated.
He emphasized that the amendment would provide the board with increased flexibility in sourcing funds from alternative market sources at more competitive interest rates, ultimately reducing financial strain.
“We are also in a position to recommence full operations in the two mothballed brewery locations when
...More info on site
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