By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) and shareholders of Nigerian Breweries Plc (NB Plc) has approved the acquisition of Sona Breweries and Life Breweries Company Limited in one of the biggest brewery acquisition in Africa.
Nigerian Breweries Friday announced the acquisition through a notice to the Nigerian Stock Exchange (NSE) in Lagos Nigeria.
The Brewing Giant said by virtue of this acquisition, Sona and Life Breweries has become subsidiaries of NB Plc.
The notice reads thus: ”Nigerian Breweries Plc has informed The Exchange that it has acquired Sona Systems Associates Business Management Ltd and Life Breweries Company Ltd.
By virtue of the acquisitions, Sona Systems and Life Breweries are now subsidiaries of Nigerian Breweries Plc. The two Sona Systems breweries in Ota and Kaduna as well as Life brewery in Onitsha have become part of the Nigerian Breweries family. Also, three brands, Goldberg (Lager), Malta Gold (Malt) and Continental Life (Lager) have been added to the brand portfolios of Nigerian Breweries Plc.
This transaction has been approved by the Securities and Exchange Commission as well as the shareholders of Nigerian Breweries PlcÃ.
As earlier reported, NB Plc engaged in discussion with Heineken NV (the owner of the companies) on the possibility of acquiring the two Breweries, which it recently acquired from Sona group.
NB Plc through Yusufu Ageni, Corporate Affairs Adviser, had in April 2011 issued a Statement affirming that the discussions with Heineken NV was a follow-up to an announcement in January 2011 that Heineken would explore the possibility of consolidating the newly acquired breweries into its existing business structure in Nigeria during 2011.
Ageni further affirmed that the discussion would lead to the transfer of majority equity interests in Sona Systems Associates Business Management Limited (which owns breweries in Otta and Kaduna) and Life Breweries Company Limited, Onitsha, to Nigerian Breweries.
