By Providence Emmanuel
Shareholders of International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited have approved the merger of the three companies.
The approvals were granted during separate court ordered meetings of each of the merging entities, held on Wednesday and Thursday October 18 and 19, 2017.
According to a statement, “prior to the approval by the shareholders of the merging entities, the requisite pre-merger approvals had been received from the Securities and Exchange Commission, SEC, and Nigerian Stock Exchange, NSE.
“With the shareholders’ approvals in place, the SEC and NSE will now be re-approached for their final approvals in which an application will also be made to the Federal High Court to sanction the merger, after which, the merger becomes effective.”
The statement noted that the FCMB Capital Markets Limited and Odujinrin & Adefulu were advisers to International Breweries Plc while Stanbic IBTC Capital Limited and Udo Udoma & Belo-Osagie were advisers to Intafact Beverages Ltd and Pabod Breweries Ltd.
Speaking on the merger, Chairman of the Board of International Breweries Plc, Mr. Sunday Omole, said: “We are of the opinion that the merger will create a platform where significant synergies can be obtained for the benefit of our shareholders, employees, customers, distributors, suppliers and the economy as a whole.”