Interesting dividend policy! The management of Nigerian Breweries Plc has just declared a dividend equal to the total earnings for 2007. 100 per cent of net profit. Clearly this is a signal that it has worked trough the credit issues related to its new breweries in Ama, Enugu State. At first sight it looks like management is confident. That said, their were also a number of announcements - a new malting plant in Aba, a new bottling line for Fayrouz in Ibadan, a new brew houses in Lagos a new brew house in Kaduna, and also a new bottling line in Aba. That is quite a capital intensive program. Perhaps they are getting over-ambitious. Bare in mind this company has lost market share.