International Breweries to merge with two other firms after SEC, NSE approval

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

List of Mobile Phone USSD Codes for Money Transfers for All Banks in Nigeria

As technology evolves, the financial sector is not left behind, Several softwares have been developed to make banking easier...
International Breweries to merge with two other firms after SEC, NSE approvalInternational Breweries to merge with two other firms after SEC, NSE approval

The Securities and Exchange Commission, SEC and the Nigerian Stock Exchange, NSE, have approved proposed merger between International Breweries Plc (IBPlc) and two other brewing companies.

A regulatory filing on Tuesday, August 29, by the company via the bourse, stated that under the terms and conditions of the proposed scheme of merger, all the assets, liabilities and undertakings of Intafact Beverages Limited and Pabod Breweries, including employees, real property and intellectual property rights, will be transferred to IBPlc upon completion of the proposed merger.

The statement advised shareholders that the consideration to shareholders of Intafact and Pabod will be ordinary shares of lBPIc.

It added that the share exchange ratio, as well as other terms and conditions of the proposed merger are provided in the scheme of Merger Document which will be dispatched to all shareholders of IBPlc, Intafact and Pabod upon receipt of an order from the Federal High Court (“FHC”) to convene separate Court-Ordered Meetings of the merging companies.

Read:  Chef Elijah Amoo Addo confirmed to address about How Food Can Foster Stronger Relations Between Europe & Africa
- Advertisement -

IBPlc also noted that the completion of the proposed merger is subject to the approval of the respective shareholders of lBPlc, lntafact, and Pabod and the final regulatory approvals from SEC, The NSE, Federal Inland Revenue Service, as well as the sanction by the FHC.

International Breweries Plc started production in December 1978 with an installed capacity of 200,000 hectolitres per annum. This increased to 500,000 hl/a in December 1982. Products include Trophy lager, Betamalt (a non-alcoholic malt beverage) and Trophy Black.

Read:  Stanbic IBTC maintains strong liquidity, grows FY 2018 PAT by 54%.

SABMiller made an initial investment of over $100m in Intafact Beverages Limited and the Onitsha brewery that was commissioned on 30 August 2012.  Commissioned on 30 August 2012, the Onitsha brewery has an annual capacity of 2.7 million hectolitres. Its brands, which are widely sold in the South East and neighbouring regions include: Hero Lager, Castle Milk Stout (6%ABV), Grand Malt (non-alcoholic), Beta Malt (non-alcoholic).

Read:  Innoson to GTB: Allot shares to us if you can’t pay N8.7bn debt

Pabod Breweries Limited, owned by SABMiller has a capacity of 250 000 hl/a originally commissioned in 1982. It engages in the manufacture, distribution, and sale of beer. The company is based in Port Harcourt, Rivers State.

- Advertisement -





- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


  1. […] SOURCE:… […]


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Third-party Cookies Are Already Ineffective’: Lessons From Google SameSite Delay

The COVID-19 crisis has inadvertently provided a reprieve for developers who have been too slow to adapt to Google’s...

United Capital Plc Raises N5.3 billion in Commercial Paper Issuance

United Capital Plc (the Company), a leading Pan-African financial and investment services Group has confirmed that the Company has successfully raised N5.3 billion in...

ILO: COVID-19 Causes Devastating Losses In Working Hours And Employment

The COVID-19 pandemic is having a catastrophic effect on working hours and earnings, globally. A new ILO report highlights some of the worst affected...

Mastercard Commits $250 Million To Support Small Business’ Financial Security

Our local main streets have been amongst the hardest hit from the COVID-19 pandemic. To help address this challenge, Mastercard today announced a commitment...

Deutsche Post DHL Group Responds To Uncertain Global Macroeconomic Development as a Result of the Pandemic

The spread of the Coronavirus-Pandemic presents society and the economy with unexpected challenges. “Our services, which are focused on keeping up supply chains and...
- Advertisement -
BrandsPur Weekly Cartoons
%d bloggers like this: