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Old 19th April 2007, 03:11 PM
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Default Jos International Breweries battles for life

Investors need to be vigilant!


Quote:
BusinessDay
April 19th, 2007
Jos International Breweries battles for life


Activities at Jos International Breweries Plc are gradually grinding to a halt, indicating that all is certainly not going well with the brewing company.
Chinedu Dike

The slide to a shutdown is making shareholders to be deeply concerned and is making them to seek the intervention of the regulatory authorities to help salvage their investments in the company.

The company accessed the capital market in 2004 for fresh funds to strengthen its operations. But the results of the offer are yet to be published and there are no clues of the level of subscription.

Though subscribers to the offer have received their share certificates, they are not yet verifiable as the shares are yet to be listed for trading on the floor of the Nigerian Stock Exchange (NSE).

Worried by this development, Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), said he went to the company’s factory in Jos to appraise the state at the company. What he saw there was near zero operations. He did not see any truck moving in or out of the factory an indication that no production activity was going on.

http://www.businessdayonline.com/?c=56&a=12768
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