Nigerian Breweries Gets shareholders’ Nod for 80% Acquisition of Distell Wines & Spirits

Shareholders of Nigerian Breweries Plc have approved the acquisition of an 80% stake in Distell Wines & Spirits Nigeria Limited.

The approval was part of the special resolutions reached at an Extraordinary General Meeting (EGM) of shareholders held in Lagos.

This was contained in the company’s notice to the Nigerian Exchange Limited.

The statement signed by Uaboi G. Agbebaku, Company Secretary noted that at the Extraordinary General Meeting of Nigerian Breweries Plc held in Lagos State, Nigeria on Wednesday, 20th December, the resolution was proposed and duly passed:

• “That the acquisition of (i) the 80% economic interest, voting and other rights of Heineken Beverages (Holding) Limited (“HBL”) in Distell Wines and Spirits Nigeria Limited (“DWSN”), which interests and rights are held through Distell International Limited, and (ii) 100% of the import business of HBL in Nigeria, (including the license to market, distribute and sell the imported products, as well as produce any of the imported brands locally), for the Consideration of N7.01 billion (and on such other terms and conditions contained in the Transaction Circular supporting the acquisition, as well as those the parties will negotiate and agree on in a Share Purchase Agreement), be and is at this moment approved.”

Nigerian Breweries Plc announced last month that it will convene an Extraordinary General Meeting (EGM) of shareholders for an 80% acquisition of Distell Wines & Spirits Nigeria Limited.

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