International Breweries Plc in a notice to the Nigerian Stock Exchange has given an update on its proposed merger with Intafact beverages and Pabod breweries. Here are key highlights from the notice:
- Pre-merger approval has been given by both the (NSE) and the Securities and Exchange Commission (SEC). This is however subject to approval from regulators and shareholders.
- Under the terms of the merger, ALL assets and liabilities of Intafact beverages will be transferred to International breweries
- In exchange, shareholders of Intafact beverages and Pabod breweries will be given International breweries shares.
- The merger is however subject to approval of shareholders of International Breweries, Intact beverages, Pabod breweries and final approval from regulators including the NSE, SEC and Federal Inland Revenue Service (FIRS).
Here is a copy of the press release.
International Breweries closed flat N37 in today’s trading session on the NSE.
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