Ahead of the Annual General Meeting (AGM) of the Sierra Leone Brewery
Limited slated for June, the company has increased its shares from Le 200 to 400 million.
This was made public at the Sierra Leone Brewery extraordinary meeting held Wednesday at the company’s headquarters, at the Wellington Industrial Estate in Freetown, after shareholders unanimously voted in favour of ordinary and special resolutions.
The ordinary resolution stipulates, in accordance with Article 15 of Articles of
Association of the company, that authorised share capital of the company be increased from 200,000,000 shares of Le 100 each to 400,000,000 shares of Le100 each by the creation of 200,000,000 shares in the company of Sierra Leone Le100 each, having the same rights in all respect as the existing shares in the capital of the company.
The special resolution which was in accordance with Article 52 of the Articles of association of the company, states that directors could generally and unconditionally authorise to allot and issue up to 280,000,000 shares in the company of Sierra Leone Le 100 each to such persons on such terms and in such manner as they think fit without first offering such shares to the members of the company pursuant to Article 52 or otherwise.
Responding to questions from shareholders with regard the rationale behind the increase in shares the company’s Managing Director, Dr John Mbonu, explained that the company was highly indebted to Heineken International but some of those debts were now slashed and would be expedient to use the opportunity to increase shares.