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NB CONVENES EXTRA-ORDINARY GENERAL MEETING (EGM) TO CONSIDER AND APPROVE PROPOSED ACQUISITION OF DISTELL WINES AND SPIRITS NIGERIA LIMITED

Further to the previous disclosure of 31st May 2023 from Nigerian Breweries Plc (“NB” or “the Company”) to the Nigerian Exchange Limited and the investing public on the above subject, the Company hereby provides updates on subsequent developments thereon.


Following the conclusion of a detailed review of the Offer, the Board met at a special meeting on the 16th of November 2023 and resolved as follows:


a) To recommend to Shareholders in a general meeting for their consideration and approval, the acquisition of 80% economic interest, voting, and other rights held by Heineken Beverages (Holding) Limited in Distell Wines & Spirits Nigeria Limited, which interests and rights are held through Distell International Limited, and 100% of the import business of Heineken Beverages (Holdings) Limited in Nigeria (including the license to market, distribute and sell the imported products, as well as produce any of the imported brands locally); and


b) To convene an Extra-Ordinary General Meeting (“EGM”) of the Company to enable Shareholders consider and approve the acquisition, amongst others. The EGM will take place on Wednesday, 20th December 2023 at Oriental Hotel, Lekki Expressway, Victoria Island, Lagos at 2:00 p.m.


The proposed acquisition, which will also be subject to any applicable regulatory approval process, aligns with the Company’s strategic objective of expanding its current product offerings beyond beer to include, wines, spirits, and flavored alcoholic beverages. It also provides the Company with growth opportunities and long-term profitability. The notice of the Extra-Ordinary General Meeting (“EGM”) of the Company can be accessible HERE.

About Nigerian Breweries PLC:
A member of the HEINEKEN Group, Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria. Incorporated in 1946 as "Nigerian Brewery Limited", the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line. Today, it has a rich portfolio of 19 high-quality brands (such as Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz and Legend) produced from 9 breweries and 2 malting plants which are distributed nationwide. Nigerian Breweries is also a recipient of several awards and recognition in other areas of its operations including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability. To learn more, visit the Nigerian Breweries website: nbplc.com

PRESS CONTACT:

PRESS CONTACT:

Sade Morgan
Corporate Affairs Director
Sade.morgan@heineken.com

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