Nigerian Breweries Plc has updated the Nigerian Exchange Limited and the investing public of the proposed acquisition of 80% shareholding in Distell Wines and Spirits Nigeria Limited and 100% import business from Heineken Beverages (Holding) Limited.
In a statement available on the NGX platform, Nigerian Breweries stated thus:
Following the conclusion of a detailed review of the Offer, the Board met at a special meeting on the 16th of November 2023 and resolved as follows:
- To recommend to Shareholders in a general meeting for their consideration and approval, the acquisition of 80% economic interest, voting, and other rights held by Heineken Beverages (Holdings) Limited in Distell Wines & Spirits Nigeria Limited, which interests and rights are held through Distell International Holdings Limited, and 100% 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); and
- To convene an Extra-Ordinary General Meeting (EGM) of the Company to enable Shareholders consider and approve the acquisition, amongst others. The EGM will take place on Wednesday, 20th December 2023 at Oriental Hotel, Lekki Expressway, Victoria Island, Lagos at 2:00 p.m.
The proposed acquisition, which will also be subject to any applicable regulatory approval process, aligns with the Company’s strategic objective of expanding its current product offerings beyond beer to include, wines, spirits, and flavored alcoholic beverages. It also provides the Company with growth opportunities and long-term profitability.