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- GlaxoSmithKline Consumer Nigeria Plc has announced that its Board of Directors have approved the binding offer to sell its drinks bottling and distribution business to Suntory Beverage & Food Nigeria Ltd.
- The company has now recommended that its shareholders approve the offer
- This announcement takes the company one step closer towards spinning off division that is said to contribute about 55% of the Company’s revenue
- The company received a non-binding offer from Suntory Beverage & Food Nigeria Ltd. back in January 2016.
- No timeline has been set as to when the deal will be completed as it will still require SEC approval after the Shareholders must have approved.
- Rencap in an earlier report, projected that shareholders could reap as much as a 40% spike in the dividends payable by the company at the end of 2016 recommending a buy position for the stock
- Press release
International Breweries proposes share capital reduction to eliminate N191 billion losses
