The Nigerian Nigerian Breweries Plc on Wednesday announced the conclusion of its merger with Consolidated Breweries Plc.
A statement by the company in Lagos said the merger was effective from Dec. 31.
“This followed the receipt of approval of the Securities and Exchange Commission (SEC) and the sanction by the Federal High Court.
“Nigerian Breweries Plc has formally informed the Nigerian Stock Exchange (NSE) of conclusion of merger process as required by the listing regulations,” the company’s Managing Director, Mr. Nicolaas Vervelde, said in the statement obtained by the News Agency of Nigeria (NAN).
It also said that the name of the enlarged company arising from the merger would be Nigerian Breweries Plc and that the company would remain quoted on the NSE.
The statement commended stakeholders and regulatory authorities for their support and approval.
“The process of operational integration of the two businesses will commence immediately in January 2015.
“With the conclusion of the merger, the enlarged NB is now enabled to fully capitalise on the opportunities of the Nigerian beer and malt drinks market and create significant value through delivery of broader product offering, operational efficiencies and access to new markets.
“The merger is also expected to deliver a number of benefits for its stakeholders including shareholders, employees, consumers, trading partners, suppliers and the Nigerian economy as a whole,” it said.
Consolidated Breweries has two plants in Ota, Ogun and Awonomama in Imo.