By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria’s Securities and Exchange Commission (SEC) has approved the proposed scheme of merger between brewing giant,  Nigerian Breweries Plc (NB Plc) and Consolidated Breweries Plc, according to a notice from NB Plc to the Nigerian Stock Exchange (NSE).

The foremost Nigerian brewer said with the approval, both firms will next approach the Federal High Court for its Order to enable the companies convene their separate general meetings (Court-Ordered Meetings) for the purpose of obtaining the approval of the respective shareholders to the proposed merger.

‘’The Scheme of Merger document containing the details of the consideration and other terms of the proposed merger will be sent to the shareholders of the two companies ahead of the Court-Ordered Meeting,’’ NB Plc said.

NB plc said it will keep the Nigerian bourse and other stakeholders informed of further developments particularly on the date and venue of the Court-Ordered Meetings as soon as it obtains the said Order.