The management of Nigerian Breweries plc has confirmed that its merger with Consolidated Breweries plc has now been finalised with effect from December 31, 2014.
According to a company statement signed by Nicolaas Vervelde, the managing director/CEO of Nigerian Breweries, “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.”
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.
Source : BusinessDay