The planned merger between International Breweries Plc with lntafact Beverages Limited and Pabod Breweries Limited, has been endorsed by the Securities and Exchange Commission and the Nigerian Stock Exchange.
The brewer confirmed the requisite pre-merger approvals in a letter submitted with the NSE.
In June 2017, International Breweries announced plans to merge with the two firms subject to requisite regulatory and shareholders’ approvals.
The letter containing the approval was signed by the Company Secretary of International Brewerie, Mr. Muyiwa Ayojimi.
International Brewery advised shareholders and other stakeholders that under the terms and conditions of the proposed scheme of merger, all the assets, liabilities and undertakings of lntafact and Pabod, including employees, real property and intellectual property rights, will be transferred to it upon completion of the proposed merger.
“The share exchange ratio, as well as other terms and conditions of the proposed merger are provided in the Scheme of Merger Document which will be dispatched to all shareholders of International Breweries, lntafact and Pabod upon receipt of an order from the Federal High Court to convene separate Court-Ordered Meetings of the merging companies,” the statement read in part.