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.
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.
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).
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.