Golden Guinea Breweries nears completion of factory overhaul

Golden Guinea Breweries Plc, the Umuahia-based brewer which has not been active for over 16 years following a fire outbreak at its facilities in 2003 leading to closure of the business said it is nearing completion of retooling work that will enable it restart production.

In a statement released to the Nigerian Stock Exchange (NSE) on Thursday, the once brewer of Eagle stout, Bergedorf lager and Golden Guinea lager said it is optimistic of returning to full operations on or before the second quarter of 2019.

The company which has been undergoing major overhaul at its facilities said the delay in filing its Qtr 1, Qtr 2 and Qtr 3 financial results for periods ended 30 June, 30 September and 31 December 2018 was because the company had not commenced production.

For the nine months ended 31 December 2018, the company had no revenue, but accrued a loss of N108bn, which is administrative costs related to the ongoing retooling work.

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