By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Minority shareholders of Consolidated Breweries Plc were allotted a total of 366,396,456 ordinary shares of 50 kobo each at N1.20 per share on merger with Nigerian Breweries Plc.

According to the Nigerian Stock Exchange (NSE) weekly stock market report, the allotted shares were added to the share outstanding of Nigerian Breweries, thus bringing the total outstanding shares of the company to 7,929,100,888 units.

On January 1, 2015, Nigerian Breweries announced it has completed its merger with Consolidated Breweries. According to the company, the merger was finalised on December 31, 2014.

Nicolaas Vervelde, chief executive officer (CEO) of Nigerian Breweries had said the merger was expected to create value for all key stakeholders, drive benefits from increased economies of scale and enhance operating and administrative efficiencies.

Heineken NV, which was a major stakeholder in both companies – and in favour of the merger, had observed international best practice at the court-ordered meeting by deciding not to exercise its voting right, avoiding any possible doubts on its integrity/conflicts of interest in the deal.

Under the merger, shareholders of Consolidated Breweries are to as of the terminal date receive four ordinary shares in Nigerian Breweries for every five ordinary shares held in the CB or a cash consideration of N120 per share of Consolidated Breweries shares held.

Shares of the brewer at the close business on the Nigerian bourse on Thursday climbed up 5.00 percent to N166.25 from N158.34 traded on Wednesday; gaining N7.91.