Heineken to pump more cash into GBL

Heineken International BV, majority shareholder of Ghana Breweries Limited (GBL), is to inject fresh capital equity of five million Euros into GBL.

Heineken would also convert 7.5 million Euros of inter-company debts into equity following Heineken's approval in principle of the capital restructuring plans proposed by GBL.

A GBL statement said the implementation of the restructuring plans would commence as soon as the necessary approvals have been received from the shareholders and the Ghana Stock Exchange.

"The capital restructuring plan is aimed at addressing the weak capital structure of GBL by maximising currency risks, reducing the dependence on short-term borrowings and reducing the deficit on its income surplus account," the statement said.

It said further details about the modalities for implementation of GBL's capital restructuring plan would be announced when they are confirmed.