SEC, NSE approves International Breweries proposed merger

International Breweries Plc (IBPlc) says it has obtained the approval of Nigeria’s capital market regulators, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to merge with two sister companies.

International Breweries, a subsidiary of Belgian Brewer, Anheuser-Busch InBev (AB InBev), had announced in June that the Board of Directors of the three independently operated breweries controlled by AB InBev, namely International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited have agreed to explore a merger of their operations subject to regulatory and shareholder approvals.

However, a statement filed by the company via the Nigerian Stock Exchange, on Tuesday, stated 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 IBPlc upon completion of the proposed merger.

The statement further advised shareholders that, “The consideration to shareholders of Intafact and Pabod will be ordinary shares of lBPIc” adding that The share exchange ratio, as well as other terms and conditions of the proposed merger are provided in the scheme of Merger Document which will be dispatched to all shareholders of IBPlc, Intafact and Pabod upon receipt of an order from the Federal High Court (“FHC”) to convene separate Court-Ordered Meetings of the merging companies.

IBPlc noted that the completion of the proposed merger is subject to the approval of the respective shareholders of lBPlc, lntafact, and Pabod and the final regulatory approvals from SEC, The NSE, Federal Inland Revenue Service, as well as the sanction by the FHC.

Afolabi Adesola