The shareholders of International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited have approved resolutions authorizing the merger of the three companies.
The company said in a statement that shareholder’s approvals were granted during separate court-ordered meetings of each of the Merging Entities which held on Wednesday, 18 and Thursday, 19 October 2017.
Prior to the approval by the shareholders of the Merging Entities, the requisite pre-merger approvals had been received from the Securities and Exchange Commission (“SEC’) and The Nigerian Stock Exchange (“The NSE”). With the shareholder approvals in place, the SEC and The NSF will now be approached for their final approvals. An application will also be made to The Federal High Court to sanction the merger, after which, the merger becomes effective.
FCMB Capital Markets Limited and Odujinrin & Adefulu are advisers to International Breweries Plc while Stanbic IBTC Capital Limited and Udo Udoma & Belo-Osagie are advisers to Intafact Beverages Ltd and Pabod Breweries Ltd. The merger will “improve, and expand growth prospects for the new entity and will also maximize value for all stakeholders.
International Breweries plc is a brewery in Nigeria. It began production in December 1978 with an installed capacity of 200 000 hectolitres per annum, this increased to 500 000 hl/a in December 1982.On 26 April 1994 International Breweries plc became a public limited liability company and listed on the Nigerian Stock Exchange.
International Breweries plc has a technical services agreement with Brauhaase International Management GMBH, a subsidiary of Warsteiner Group of Germany, which owned 72.03% equity.On 1 January 2012, SABMiller took operational management control of International Breweries from BGI Castel.
Intafact Beverages Limited produces and markets beer, Hero Lager. The company is based in Onitsha, Nigeria. Intafact Beverages Limited operates as a subsidiary of SABMiller plc.
Pabod Breweries Limited engages in the manufacture, distribution, and sale of beer. The company was incorporated in 1978 and is based in Port Harcourt, Nigeria.