SABMiller to seek de-listing of Ghana subsidiary
SABMiller announced yesterday 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. SABMiller said that ABL has faced difficult market conditions over the past few years, and that a stock exchange de-listing will enable it to implement a business recovery programme.
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 Africa, the parent company of Overseas Breweries Limited (OBL), which is the majority shareholder of ABL, 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 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 said that it 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.