19, 2017/1:.15 PM / NSE
The shareholders of international Breweries Plc., Intafact Beverages Limited and Pabod Breweries Limited (the “Merging Entities“) have approved resolutions authorizing the merger of the three companies. Shareholder approvals were granted during separate court ordered meetings of each of the Merging Entities which held on Wednesday, 18 and Thursday, 19 October 2017.
Prior to the approval by the shareholders of the Merging Entities, the requisite pre-merger approvals had been received from the Securities and Exchange Commission (“SEC") and The Nigerian Stock Exchange ("The NSE"). With the shareholder approvals in place, the SEC and The NSE will now be approached for their final approvals. An application will also be made to The Federal High Court to sanction the merger, after which, the merger becomes effective. FCMB Capital Markets Limited and Odujinrin & Adefulu are advisers to International Breweries Plc. while Stanbic IBTC Capital Limited and Udo Udoma & Belo Osagie are advisers to lntafact Beverages Ltd and Pabod Breweries Ltd.
Chairman of the Board of International Breweries Plc., Sunday Akintoye Omole said ‘we are of the opinion that the merger will create a platform where significant synergies can be obtained for the benefit of our shareholders, employees, customers, distributors, suppliers and the economy as a whole."
Commenting on the Merger, His Majesty, Nnaemeka Alfred Achebe, and Chairman of the Board of Intafact Beverages Ltd said “It is envisaged that the merger will be beneficial to all stakeholders involved, while providing the new entity with an extremely compelling economic opportunity.”
Gustav Wilhemus Van Heerden Chairman of the Board of Directors of Pabod Breweries Limited said the merger will "improve, and expand growth prospects for the new entity and will also maximize value for all stakeholders,"
2. INTBREW Announced Proposed Merger with Intafact Beverages Ltd and Pabod Breweries Ltd.
3. International Breweries Reports Q1 2018 Results as Gross Margin Contracted by 411bps YoY
4. International Breweries Q4 2017 Results Review - Neutral Rating Maintained
5. INTBREW Declares N1.03 Bln PAT in Q1'17 Results,(SP:N28.56k)
6. International Breweries Plc Reports Q4 2017 Results - Operating Expenses Grew by 115% YoY
7. International Breweries Plc Changes Company Registrars
8. International Breweries Plc Appoints new Chairman and Chief Operating Officer
9. INTBREW Declares N436.79 mln Loss in Q3'17 Results,(SP:N17.29k)
10. International Breweries Plc Reports Q3 2017 Results – Operating Expenses
11. International Breweries Q2 2017 Results Review - Positive Revenue outlook blurred by FX Issues
12. International Breweries Plc Records Pre-tax and Post-tax Losses in Q2'17 Results
13. INTBREW Declares N1.87 bln Loss in Q2'17 Result,(SP:N19.92k)
14. International Breweries Plc: FX Loans Weighing on Outlook
15. INTBREW Declares N1.66 bln PAT in Q1'17 Result,(SP:N19.00k)