Daily Archives: July 3, 2019

NAFDAC, Police intensify fight against producers of adulterated alcoholic drinks; raid markets in Lagos, Aba

The Lagos State Police Command said it has arrested three suspects involved in the production of fake alcoholic drinks in the Apongbon area of Lagos.

The Command’s Spokesperson, DSP. Bala Elkana, said on Sunday in Ikeja, that the suspects were arrested based on a tip-off received by the police.

AB InBev seeks to raise nearly $10bn in Hong Kong listing

Global brewer, Anheuser-Busch InBev is seeking to raise US$9.8bn in an Initial Public Offering (IPO) of a minority stake in its Asia business. The listing could potentially value the company’s Asia Pacific operation at nearly US$64bn.

Budweiser Brewing APAC will be offering 1.6bn shares in an indicative range of HK$40 to HK$47 each (US$5.13 to US$6.02) by July 11.

Int’l Breweries’ losses widen in Qtr1 amid capacity expansion

International Breweries Plc, on Wednesday, reported a net loss of N3.98bn for the first quarter of 2019, further widening its losses from the previous year. The brewer posted a net loss of N3.8bn in full-year 2018.

The loss came despite strong sales growth of 35.1% in the quarter to N35bn. The firm attributed the loss to a 43% increase in cost of sales to N22.6bn, marketing and promotional expenses which surged 64% to N7.7bn, and net finance cost which jumped 41.1% to N5bn from N3.6bn.