International Breweries Plc (“IBPlc”), the Ilesha-based brewer owned by Anheuser-Busch InBev (AB InBev) announced on Tuesday it has received regulatory approvals from the Nigerian Securities and Exchange Commission (“SEC”) and the Nigerian Stock Exchange (“NSE”) to merge with its sister companies, Intafact Beverages Limited and Pabod Breweries.
The statement further said that under the merger conditions, all assets, liabilities and undertakings of Intacfact and Pabod, including employees, real property and intellectual property rights, will be transferred to IBPlc upon completion of the proposed merger. Shareholders of Intafact and Pabod will receive ordinary shares of IBPlc.
IBPlc is the only publicly traded company of the three entities.
The completion of the proposed merger is subject to the approval of the respective shareholders of the merging entities and final regulatory approvals from the SEC, the NSE, and the Federal Inland Revenue Service, as well as the sanction by the Federal High Court (FHC).
IBPlc, announced in early June that its board as well as the Board of Intafact and Pabod had agreed to explore a merger of their respective operations subject to regulatory and shareholder approvals. All three companies are indirect subsidiaries of Anheuser-Busch InBev inherited from the merger with SABMiller.
Further developments regarding the merger will be communicated to shareholders and other stakeholders, the statement said.
IBPlc makes the very popular Trophy Lager, among others, while Intafact and Pabod produce Hero Lager and Grand Lager among others respectively.
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