Consolidated Breweries to acquire Champion Breweries
Category: Investors NewsBeat
April 18, 2011 by Udeme Ekwere
Consolidated Breweries Plc is currently in acquisition talks with another brewery sub-sector company, Champion Breweries Plc.
The report from the Nigerian Stock Exchange for the week ended April 15, 2011, noted that Consolidated Breweries was proposing to acquire 57 per cent of the issued share capital of Champion Breweries.
It said, “Champion Breweries notified the Exchange that Consolidated Breweries Plc is having discussions in connection with a proposed acquisition of 57 per cent of the issued share capital of Champion Breweries held by Montgomery Ventures Incorporated of Panama.
“The company noted that the discussions, if successful, could lead to a transaction that will be subject to the relevant legal and regulatory approvals and will notify the Exchange as it becomes aware of further details.”
According to the report, two equity prices were adjusted for dividend as recommended by their board of directors. Unilever Nigeria Plc was adjusted for dividend of N1.10 per share while Access Bank Plc was adjusted for dividend of 30 kobo per share.
The report noted that Poly Products Nigeria Plc, in its unaudited result for the third quarter ended December 31, 2010, recorded a turnover of N1.79bn.
This represents an increase of N5bn or 2.9 per cent compared to N1.74bn recorded in the similar period of 2009.
The company’s profit after tax stood at N40.71m compared to N59.3m in 2009, while its net asset value stood at N391.13m up from N350.33m the previous year.