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NB moves to acquire Sona, Life breweries

Category: Investors NewsBeat


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NB moves to acquire Sona, Life breweries

 

 

April 18, 2011
 
The Nigerian Breweries Plc (NB) is planning to acquire Sona Brewery in Ota, Ogun state and Life brewery at Onitsha, Anambra state.
 
Already, the NB has begun discussion with Heineken NV (the owner of the companies) on the possibility of acquiring the two breweries, which it recently acquired from Sona group.
 
According to a statement signed by NB Corporate Affairs Adviser, Ageni Yusuf, the discussions was a follow-up to an announcement in January 2011 that Heineken would “explore the possibility of consolidating the newly acquired breweries into its existing business structure in Nigeria during 2011”.
 
According to Ageni, the discussion would lead to the transfer of majority equity interests in Sona Systems Associates Business Management Limited (which owns breweries in Otta and Kaduna) and Life Breweries Company Limited, Onitsha, to Nigerian Breweries.
 
Nigerian Breweries believes that the proposed transaction would improve the geographical spread of its operations, address existing capacity constraints and further strengthen its platform for future growth.
 
Ageni said the negotiations are expected to be concluded in the coming months, adding that further announcements would be made at appropriate time.
 
The Managing Director/CEO, Nigerian Breweries Plc, Mr. Nicolaas Vervelde, said: “The addition of the breweries we propose to acquire from Heineken will significantly broaden our geographical reach and address the capacity restraints we have currently. As a result of this transaction, Nigerian Breweries will be better positioned for future growth.”
 
It would be recalled that Nigerian Breweries Plc was incorporated in 1946 and started production in 1949 with Star lager in Lagos Brewery. The company currently has 2300 persons in its direct employment and several others through outsourced businesses.
 
Source: Guardian

https://www.proshareng.com/investors/company.php?ref=NB



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