Lagos, Dec. 22, 2023: The shareholders of Nigerian Breweries Plc have approved the acquisition of 80 per cent stake in Distell Wines and Spirits Nigeria Ltd. (Distell Nigeria) and the import business of Heineken Beverages (Holdings) Ltd.<\/p>\n\n\n\n
This is contained in a statement signed by Mrs Sade Morgan, the company\u2019s Corporate Affairs Director, on Thursday in Lagos.<\/p>\n\n\n\n
The statement said the approval was given at the company\u2019s Extraordinary General Meeting (EGM).<\/p>\n\n\n\n
Morgan said with this development, the company\u2019s board would proceed to conclude the transaction that would give Nigerian Breweries Plc the majority stake in Distell Nigeria.<\/p>\n\n\n\n
\u201cIt would also give Nigerian Breweries the exclusive right to import, market, and distribute in Nigeria, Heineken Beverages\u2019 wines, spirits, and ciders brands from South Africa, including the right to produce any of the imported brands locally,\u201d she said.<\/p>\n\n\n\n
The company\u2019s Chairman, Mr Asue Ighodalo, explained that the acquisition aligned with the company\u2019s vision to become a total beverage company, by adding wines and spirits to the product portfolio to cater to its diverse consumer needs.<\/p>\n\n\n\n
\u201cThis acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry,\u201d Ighodalo said.<\/p>\n\n\n\n
The Company\u2019s Secretary, Mr Uaboi Agbebaku, added that the consideration for the acquisition approved by the shareholders was about N7 billion.<\/p>\n\n\n\n
Agbebaku revealed that the company had earlier received a confirmation from the Federal Competition and Consumer Protection Commission that the transaction would be treated as internal restructuring.<\/p>\n\n\n\n
This, he said, meant that no further regulatory approval process would be required.<\/p>\n\n\n\n
\u201cThe parties to the transaction will now proceed to agreeing the final terms and conditions of the sale and purchase agreement with the aim of concluding the transaction in the first quarter of 2024,\u201d Agbebaku said.<\/p>\n\n\n\n
Meanwhile, the National Coordinator of Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, lauded the company for taking a decisive step to expand the business amidst the complex and challenging business environment.<\/p>\n\n\n\n
The Distell Nigeria is involved in the local production of wines and ciders under license from Heineken Beverages.<\/p>\n\n\n\n
With the acquisition, Nigerian Breweries will have access to both local production and importation of wines, spirits, and flavoured alcoholic beverages brands from South Africa.<\/p>\n\n\n\n
They include brands such as Amarula Cr\u00e8am Liquor, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain\u2019s Whiskey, Knight Whiskey, Chamdor wine ranges, Hunters and Savanna.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Lagos, Dec. 22, 2023: The shareholders of Nigerian Breweries Plc have approved the acquisition of 80 per cent stake in Distell Wines and Spirits Nigeria Ltd. (Distell Nigeria) and the import business of Heineken Beverages (Holdings) Ltd. This is contained in a statement signed by Mrs Sade Morgan, the company\u2019s Corporate Affairs Director, on Thursday […]<\/p>\n","protected":false},"author":2,"featured_media":37709,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[1047],"class_list":["post-54827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-nigerian-breweries","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n