The management of
Nigerian Breweries Plc has confirmed that its merger with
Consolidated Breweries Plc has now been finalized with effect from December 31,
2014.
According to a
company statement signed by the Managing Director/CEO of Nigerian Breweries Mr.
Nicolaas Vervelde, “This follows the receipt of approval of the Securities
and Exchange Commission (SEC) and the sanction by the Federal High
Court. Nigerian Breweries Plc has formally informed The Nigerian Stock Exchange
of conclusion of merger process as required by the listing regulations”
Mr. Vervelde also
indicated that the name of the enlarged company arising from the merger will be
‘Nigerian Breweries Plc’ and the
company will remain quoted on the Nigerian stock exchange.
While thanking the
stakeholders and regulatory authorities for their support and approvals
respectively, the company stated that the process of operational integration of
the two businesses “will commence immediately in January 2015”.
With the conclusion
of the merger, the enlarged Nigerian Breweries is now enabled to fully
capitalise on the opportunities of the Nigerian beer and malt drinks market and
create significant value through delivery of broader product offering,
operational efficiencies and access to new markets.
The merger is also
expected to deliver a number of benefits for its stakeholders including
shareholders, employees, consumers, trading partners, suppliers and the
Nigerian economy as a whole.
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