The Nigerian Nigerian Breweries Plc on
Wednesday announced the conclusion of its merger with Consolidated
Breweries Plc, a statement by the company in Lagos said the merger was
effective from December 31.
“This followed the receipt of approval
of the Securities and Exchange Commission (SEC) and the sanction by the
Federal High Court.
“Nigerian Breweries Plc has formally
informed the Nigerian Stock Exchange (NSE) of conclusion of merger
process as required by the listing regulations,” the company’s Managing
Director, Mr. Nicolaas Vervelde, said in the statement.
It also said that the name of the
enlarged company arising from the merger would be Nigerian Breweries Plc
and that the company would remain quoted on the NSE.
The statement commended stakeholders and regulatory authorities for their support and approval.
“The process of operational integration
of the two businesses will commence immediately in January 2015. With
the conclusion of the merger, the enlarged NB is now enabled to fully
capitalise on the opportunities of the Nigerian beer and malt drinks
market and create significant value through delivery of broader product
offering, operational efficiencies and access to new markets.
“The merger is also expected to deliver a
number of benefits for its stakeholders including shareholders,
employees, consumers, trading partners, suppliers and the Nigerian
economy as a whole,” it said.
Consolidated Breweries has two plants in Ota, Ogun and Awonomama in Imo.
NAN
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