Nigerian Breweries Plc has announced that it will convene an Extraordinary General Meeting (EGM) of shareholders for 80% acquisition of Distell Wines & Spirits Nigeria Limited.
This was contained in the company’s notice to the Nigerian Exchange Limited and the investing Public obtained by Nairametrics.
The statement signed by Uaboi G. Agbebaku, Company Secretary noted that 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).”
To convene an Extra-Ordinary General Meeting (EGM) of the Company to enable Shareholders to consider and approve the acquisition, amongst others.
The statement noted that 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 flavoured alcoholic beverages.
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It added that it also provides the Company with growth opportunities and long-term profitability.
Nigerian Breweries Plc had disclosed that it is considering an offer to acquire 80% shareholding in Distell Wines & Spirits Nigeria Limited.
The company in a statement signed by Agbebaku disclosed that “at a specially convened meeting of the Board of Directors of the Company held on 30th May 2023, the Board was presented with an offer from Heineken Beverages (Holdings) Limited of South Africa, for NB to acquire Heineken Beverages’ majority interests (via Distell International Limited) in Distell Wines & Spirits Nigeria Limited”.
The company said;
“The Board resolved to consider the offer in detail with support from external legal and financial advisers and thereafter make a decision thereon in the coming weeks. The outcome of the decision will be communicated in due course.”
What you should know
Nigeria Distell Nigeria is a subsidiary of Distell International Limited (100% owned by Heineken Beverages).
Distell International Limited owns 80% shareholding in Distell Nigeria, which was founded in 2018 with its headquarters in Lagos, Nigeria.
Distell Nigeria’s operations are in two folds: Local production of wines (still and sparkling) and ciders; and the Importation of wines, spirits, and flavoured alcoholic beverages from Distell Group in South Africa.
Its brand portfolio includes Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters, and Savanna.
