Int’l Breweries applies merger conditions, changes financial year-end

…..as Union Dicon Salt explains delay in filing 2016 result
Following a recent approval by the Securities and Exchange Commission (SEC); and the Nigerian Stock Exchange (NSE) for the International Breweries to merge with lntafact Beverages Limited and Pabod Breweries Limited, the company has come out with first corporate step.

In what appears to be the company’s first post-merger endorsement move, which many argued, may still be in line with expected delisting from the market, the company said that its board has approved change in of its financial year end.

In a publication by the NSE, International Breweries notified the NSE and the general public of its adoption of a new financial year end to 31st December, 2017, from March 31.

In a statement signed by the Company’s Secretary/ General Counsel , Muyiwa Awojimi, the company’s board have approved adoption of December 31 very year as end of its financial year end, starting 31 December, 2017.

The report which published by the Nigerian Stock Exchange, in fulfillment of regulatory requirements and for record purposes, stipulated that the process will commence with the publication of its nine months report ending 31 December 2017.

Daily Times recalled that the brewing company on 29th August, 2017, confirmed getting the nods of both SEC and NSE for merger with lntafact and Pabod.

The company advised shareholders and other stakeholders that under the terms and conditions of the proposed scheme of merger, all the assets, liabilities and undertakings of lntafact and Pabod, including employees, real property and intellectual property rights, will be transferred to it upon completion of the proposed merger.

It further pointed out that the consideration to shareholders of lntafact and Pabod will be ordinary shares of International Breweries Plc.

“The completion of the proposed merger is subject to the approval of the respective shareholders of International Breweries, lntafact, and Pabod and the final regulatory approvals from SEC, NSE, Federal inland Revenue Service (FIRS), as well as the sanction by the FHC,” the company said.

Meanwhile, Union Dicon salt plc has explained that delay in filling its audited financial statement for the year ended 31 December ,2016, was due to finalization of balance sheet restructuring.

The Managing Director Union Dicon Salt, Mr. Chuka Mordi , in a signed statement published by the NSE, said that the result was finally delivered to the NSE on Sept 06, 2017.