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SEC, NSE Approves International Breweries Merger with Two Others

The Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, has approved proposed merger between International Breweries Plc (IBPlc) and two other brewing companies.

A regulatory filing on Tuesday, August 29, by the company via the bourse, stated 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 IBPlc upon completion of the proposed merger.The statement advised shareholders that the consideration to shareholders of Intafact and Pabod will be ordinary shares of lBPIcIt added that 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 IBPlc, Intafact and Pabod upon receipt of an order from the Federal High Court (“FHC”) to convene separate Court-Ordered Meetings of the merging companies.IBPlc also noted that the completion of the proposed merger is subject to the approval of the respective shareholders of lBPlc, lntafact, and Pabod and the final regulatory approvals from SEC, The NSE, Federal Inland Revenue Service, as well as the sanction by the FHC.

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