Shareholders Approve Int’l Breweries, Intafact, Pabod Merger

October 19, 2017
Shareholders Approve Int’l Breweries, Intafact, Pabod Merger

By Dipo Olowookere

Shareholders of international Breweries Plc, Intafact Beverages Limited, and Pabod Breweries Limited have finally approved resolutions authorizing the merger of the three companies.

This information was made known on Thursday, October 19, 2017, in a statement issued by International Breweries to the Nigerian Stock Exchange (NSE).

The brewer disclosed in the statement that the shareholder approvals were granted during separate court ordered meetings of each of the merging firms on Wednesday, 18 and Thursday, 19 October 2017.

With the shareholder approvals in place, the Securities and Exchange Commission (SEC) and the NSE would now be approached for their final approvals.

In addition, an application will be made to the Federal High Court to sanction the merger, after which, the merger becomes effective.

Before now, both SEC and the NSE had given their pre-merger approvals.

Commenting on the development, Chairman of the Board of International Breweries Plc, Mr Sunday Akintoye Omole, stated that, “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.”

Also, Chairman of the Board of Intafact Beverages Limited, Mr Nnaemeka Alfred Achebe, noted that, “It is envisaged that the merger will be beneficial to all stakeholders involved, while providing the new entity with an extremely compelling economic opportunity.”

On his part, Chairman of the Board of Directors of Pabod Breweries Limited, Mr Gustav Wilhemus Van Heerden, disclosed that the merger will “improve, and expand growth prospects for the new entity and will also maximize value for all stakeholders.”

Business Post gathered that 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.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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