Dipo Olowookere
By Dipo Olowookere
The board of Nigerian Breweries Plc intends to invite the company’s shareholders to a meeting to approve the acquisition of an 80 per cent stake in Distell Wines and Spirits.
A statement from the brewery firm disclosed that the transaction if allowed to go through, would provide the “company with growth opportunities and long-term profitability.”
It specifically said this would enable the organisation to boost its “current product offerings beyond beer to include, wines, spirits, and flavoured alcoholic beverages.”
However, all these projections can only become a reality if the shareholders authorise the deal at an Extra-Ordinary General Meeting (EGM) planned for Wednesday, December 20, 2023, at “Oriental Hotel, Lekki Expressway, Victoria Island, Lagos at 2:00 p.m.”
According to the notice filed to the Nigerian Exchange (NGX) Limited, obtained by Business Post, the company’s investors would be required to “consider and approve the acquisition, amongst others.”
“The proposed acquisition, which will also be subject to any applicable regulatory approval process, aligns with the company’s strategic objective,” a part of the disclosure said.
This newspaper gathered that Nigerian Breweries wants 80 per cent economic interest, voting, and other rights held by Heineken Beverages (Holdings) Limited in Distell Wines & Spirits Nigeria Limited, whose interests and rights are held through Distell International Holdings Limited.
In addition, Nigerian Breweries seeks to acquire 100 per cent of the import business of Heineken Beverages (Holdings) Limited in Nigeria, including the license to market, distribute and sell the imported products, as well as produce any of the imported brands locally.
