News Update

International Breweries Announces Resignations of Igwe Anugwu, Abiye Tobin-West as Directors

By Sunny A Ijomah

International Breweries Plc has announced the resignation of Igwe Peter Anugwu and Ms. Abiye Tobin-West, as Non-Executive Directors of the Company.

A letter signed by the Company Secretary, Muyiwa Ayojimi, said the resignations were with effect from 31 August 2022.

In line with Corporate Governance prescriptions, the board is expected to exercise the powers conferred on it by the Company’s Articles on new appointments to fill the casual vacancies, it was learnt.

The disclosure read, “International Breweries Plc (the Company) hereby informs Nigerian Exchange Limited, “NGX”, and the investing public of the following resignations from the Board of Directors of the Company,

“The resignations of Igwe Peter Anugwu and Ms. Abiye Tobin-West, as Non-Executive Directors of the Company, have been accepted by the Board. The resignations are with effect from 31 August, 2022.

“The Board is appreciative of the fiduciary role and selfless contributions of Igwe Peter Anugwu and Ms. Abiye Tobin-West to the Company, particularly from the pre-merger and post-merger era of the Company and hereby thanks and wishes them well on their retirement.

“The Board will exercise the powers conferred on it by the Company’s Articles and in line with Corporate Governance prescriptions on new appointments to fill the casual vacancies created by these exits in due course.”

The company made a profit of N336 million in the first half of the year, 2022. The amount reflects a rebound from the loss record of N13.9 billion in the same period last year.

Revenue for the year was up from N81.96 billion in H1 2021 to N111.40 in H1 2022. International Breweries’ share last sold at N5.1 Naira as of Friday, 12th, 2022, while its market capitalization stood at N137 billion.