World largest brewer concludes merger of Nigerian subsidiaries

World’s largest brewer, Anheuser-Busch Inbev, has completed the merger of its Nigerian businesses with the listing of the consolidation shares on the Nigerian Stock Exchange (NSE).

Three indirect Nigerian subsidiaries of Anheuser-Busch Inbev, International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited were merged through a scheme of merger with International Breweries, subsisting as the post-merger company.

A total of 5.302 billion ordinary shares were listed in the name of International Breweries.

The additional shares arose from the scheme of merger involving International Breweries, Intafact Beverages Limited and Pabod Breweries Limited.

Under the arrangements for the business combination, International Breweries issued 5.302 billion ordinary shares of 50 kobo each to shareholders of Intafact and Pabod.

Intafact had total issued shares of 1,400 ordinary shares of N100,000 each while Pabod had 4.0 billion ordinary shares of N1 each.

The share exchange ratio indicated that 29.09 million ordinary shares of International Breweries were exchanged for 10 ordinary shares of Intafact, while 3,071 ordinary shares of International Breweries were exchanged for 10,000 ordinary shares of Pabod.

With the business combination, Anheuser-Busch Inbev’s majority equity stake in International Breweries Plc, has increased to 75.1 per cent.

Under the arrangement, all assets, liabilities and undertakings of Intafact and Pabod including employees, real property and intellectual property rights were transferred to International Breweries upon the completion of the proposed merger.

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