AB Inbev is moving ahead in its plans to merge its three breweries in Nigeria (inside.beer, 8.6.2017). AB InBev has already received the regulatory approvals from the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) to merge International Breweries, Intafact Beverages and Pabod Breweries.
The world’s leading brewer currently owns indirectly 82.8% of Pabod Beverages, 75% of Intafact and 72.2% of International Breweries. Under the proposed agreement all assets, liabilities and undertakings of the latter two will be transferred to International Breweries. Shareholders in Intafact and Pabod Breweries will be offered ordinary shares in International Breweries, which will keep its name.
Next month all three breweries will hold court-ordered meetings during which shareholders are expected to approve the merger.
After the merger AB InBev’s two subsidiaries SABMiller Nigeria Holdings and Brauhaase International Management will hold 47.4% and 27.7% equity stake respectively. This adds up for AB InBev to a controlling equity stake of 75.1%. Second largest single investor will be the Ministry of Finance of Anambra State with a stake of 4.7%, while other minority shareholders will hold the remaining 20.2%.