SABMiller to seek de-listing of Ghana subsidiary
SABMiller plc announces that its Ghanaian subsidiary, Accra Brewery Limited (ABL), will table a resolution at its AGM to be held on September 8, 2010, to seek a de-listing from the Ghana Stock Exchange. ABL has faced difficult market conditions over the past few years and a stock exchange de-listing will enable it to implement a business recovery programme.
SABMiller Africa, the parent company of Overseas Breweries Limited (OBL), which is the majority shareholder of ABL ('the Company'), intends to make an offer to the minority ABL shareholders for and on behalf of OBL, for all of their outstanding ordinary shares in the Company, subject to obtaining all regulatory approvals.
Key minority shareholders of ABL, who hold in aggregate more than 75% of the outstanding issued shares of the Company, have each provided OBL with a written irrevocable undertaking to, inter alia, cast their votes in favour of the special resolution required to de-list ABL from the Ghana Stock Exchange.
ABL remains firmly committed to trading responsibly in Ghana and to contributing to the local economy and its people. The proposed de-listing is not expected to impact on job security, day to day conduct of business and relationships with stakeholders such as employees, suppliers and customers.
SABMiller plc is one of the world's largest brewers with brewing interests and distribution agreements across six continents. The group's wide portfolio of brands includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch, as well as leading local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller is also one of the world's largest bottlers of Coca-Cola products.
In the year ended 31 March 2010, the group reported US$3,803 million adjusted pre-tax profit and group revenue of US$26,350 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.
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About ABL (a subsidiary of SABMiller plc)
ABL, originally known as Overseas Breweries Limited, was registered in Switzerland in 1931, establishing a brewing industry in the then Gold Coast. In 1975, the locally registered Accra Brewery Ltd acquired Overseas Breweries' assets to open the way for Ghanaian participation in the business.
Today, the company manufactures and distributes beer, sparkling soft drinks and non-alcoholic malt beverages. Its brands are household names in the country: Club Premium Lager, Club Gold Export Lager, Castle Milk Stout, Stone Strong Lager, Chairman Malt Liquor, Club Shandy, Redd's Fruit Fusion, Peroni Nastro Azzurro, Chibuku, Castle Milk Malt, Club Cola, Club Muscatella, Club Orange, Club Soda and Club Quinine Tonic.
SABMiller plc currently is the majority shareholder through its holding in Overseas Breweries Limited which in turn holds a 69.2% stake in ABL, which has 3,711 shareholders in total. ABL's mission is to own and nurture local and international brands that are the first choice of consumers and customers in Ghana.
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This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of SABMiller plc (the "Company") or any of its affiliates in any jurisdiction or an inducement to enter into investment activity.
This document includes "forward-looking statements". These statements may contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Any information contained in this announcement on the price at which the Company's securities have been bought or sold in the past, or on the yield on such securities, should not be relied upon as a guide to future performance.