Acquisition: Nigerian Breweries Requests Meeting with Shareholders
Nigerian Breweries Plc (NB) has called for an extraordinary general meeting with shareholders to obtain approval for 80% shareholding acquisition in Distell Wines and Spirits Nigerian Limited.
The beer producing company is also seeking approval for 100% import business from Heineken Beverages, according to a regulatory filing submitted to the Nigerian Exchange.
Management said in a statement that following the conclusion of a detailed review of the offer, the Board met at a special meeting on the 16th of November 2023 and resolved to recommend to Shareholders in a general meeting for their consideration and approval.
At the meeting, Nigerian Breweries is seeking approval for the acquisition of 80% economic interest, voting, and other rights held by Heineken Beverages (Holdings) Limited in Distell Wines & Spirits Nigeria Limited.
It noted that interests and rights by Heineken are held through Distell International Holdings Limited. The company wants shareholders to sanction 100% of the import business of Heineken Beverages (Holdings) Limited in Nigeria.
These include the license to market, distribute and sell the imported products, as well as produce any of the imported brands locally.
The board resolved to convene an Extra-Ordinary General Meeting to enable Shareholders to consider and approve the acquisition, amongst others.
Nigerian Breweries stated that the EGM will take place on Wednesday, 20th December 2023 at Oriental Hotel, Lekki Expressway, Victoria Island, Lagos.
It added that the proposed acquisition, which will also be subject to any applicable regulatory approval process, aligns with the Company’s strategic objective of expanding its current product offerings beyond beer to include, wines, spirits, and flavoured alcoholic beverages.
It also provides the Company with growth opportunities and long-term profitability, the management added in the regulatory filling.