International Breweries gets shareholders’ approval as board awaits SEC
International Breweries Plc (“IBPlc”) has said that its shareholders and the shareholders of Intafact Beverages Limited and Pabod Breweries Limited (the “merging entities”) have approved the merger of all three companies.
With approval received from the shareholders of the merging entities, the company said it will seek final regulatory approvals from the Nigerian Securities and Exchange Commission (“SEC”) and the Nigerian Stock Exchange (“NSE”), as well as the sanction by the Federal high Court (“FHC”), after which, the merger becomes effective.
IBPlc, announced in early June that its board as well as the Board of Intafact and Pabod had agreed to explore a merger of their respective operations subject to regulatory and shareholder approvals. All three companies are indirect subsidiaries of Anheuser-Busch InBev inherited from the merger with SABMiller.
Commenting on the merger, the Chairman of the Board of International Breweries Plc, Sunday Akintoye Omole said “We are of the opinion that the merger will create a platform where significant synergies can be obtained for the benefit of our shareholders, employees, customers, distributors, suppliers and the economy as a whole.”
Adding his thoughts on the pending merger, His Majesty, Nnaemeka Alfred Achebe, Chairman of the Board of Intafact Beverages Limited said “It is envisaged that the merger will be beneficial to all stakeholders involved, while providing the new entity with an extremely compelling economic opportunity.”
Gustav Wilhemus Van Heerden, Chairman of the Board of Directors of Pabod Breweries Limited said the merger will “improve and expand growth prospects for the new entity and will also maximize value for all stockholders.”
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