TheCable

Shareholders of Nigerian Breweries Plc have approved 100 percent acquisition of the import business of Heineken Beverages (Holdings) Limited.

The resolutions were passed on Wednesday at the extraordinary general meeting of the company, according to a corporate filing on the Nigerian Exchange Limited (NGX).

According to the statement, the shareholders also approved the acquisition of an 80 percent stake held by Heineken Beverages, through Distell International Limited, in Distell Wines and Spirits Nigeria Limited (Distell Nigeria).

The shareholders approved N7.01 billion for the acquisitions.

“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 hereby approved,” the company said.

Nigerian Breweries had sought the approval of its shareholders in November regarding the acquisition of the stake in Distell Wines and Spirits.

The proposed acquisition, according to the company, would spur growth opportunities and long-term profitability.