| Thu 14 May 2009, 8:17 | | SAB - SABMiller - SABMiller acquires remaining minority interest in its Polish |
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SAB
SOSAB
SAB - SABMiller - SABMiller acquires remaining minority interest in its Polish
subsidiary - Kompania Piwowarska
SABMiller Plc
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
Ref: 11/2009
14 May 2009
SABMiller acquires remaining minority interest in its Polish subsidiary -
Kompania Piwowarska
SABMiller plc today announces that it has agreed to acquire the outstanding
28.1% minority interest in its Polish subsidiary, Kompania Piwowarska S.A., from
Kulczyk Holding S.A. (`Kulczyk Holding`) in exchange for 60 million new
SABMiller shares. Following completion of the transaction, SABMiller will own
100% of Kompania Piwowarska. Based upon SABMiller`s closing share price of
GBP12.20 on Wednesday 13 May 2009, the implied value of the consideration is
US$1,110 million.
Following completion of the transaction, Kulczyk Holding will hold approximately
3.8% of the issued share capital of SABMiller. Kulczyk Holding has agreed to
restrictions on the disposal of its shares for a three year period, with a
limited number of shares eligible for disposal in each year. Any disposals will
be subject to orderly market arrangements. The transaction is subject to
admission to listing of the SABMiller shares.
SABMiller believes that owning 100% of its largest and most profitable business
unit in Europe will be of significant strategic benefit in the medium term. In
the current financial year, the transaction is expected to have no material
impact on earnings per share on a pro forma basis.
Graham Mackay, Chief Executive of SABMiller, said; "We are pleased to be able to
take our interest in Kompania Piwowarska to 100%. Over the past 10 years the
business has consistently delivered exceptional performance, growing market
share from 15% in 1999 to 43% today, through the development of the country`s
most successful beer brand portfolio. It remains well placed to continue
building on this leadership position in the Polish market. Over the years we
have enjoyed a positive relationship with Kulczyk Holding and we are pleased
that they have decided to take a shareholding in SABMiller."
SABMiller has operated in Poland since 1995 when it acquired a majority stake in
Lech Browary Wielkopolski S.A. ("Lech Brewery"), followed by the acquisition of
Browary Tyskie Gorny Slask S.A. ("Tyskie Brewery") in 1996. Kompania Piwowarska
was established in 1999 as a result of the merger of the Lech and Tyskie
Breweries. Kompania Piwowarska is currently the largest brewer in Poland with a
market share of approximately 43% and volumes of 15.1 million hectolitres.
Ends
About SABMiller plc
SABMiller 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 Grolsch, Miller Genuine
Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as market-leading
local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller is
also one of the largest bottlers of Coca-Cola products in the world.
In the year ended 31 March 2009, the group reported US$3,405 million in adjusted
pre-tax profit and group revenue of US$25,302 million. SABMiller is listed on
the London and Johannesburg stock exchanges.
About Kompania Piwowarska S.A.
Kompania Piwowarska was established in 1999 as a result of a merger of Tyskie
and Lech Breweries. Since 1999, Kompania Piwowarska has made two further
acquisitions being Browar Brewery Sp. z.o.o. based in Bia3ystok in 2003 and
Browar Belgia Sp. z.o.o. based in Kielce in 2008.
Kompania Piwowarska is the largest brewer in Poland with a current market share
of 43% and 2009 volumes of 15.1 million hectolitres. The company has grown
volumes by a compound growth rate of 10.4% between 2004 (9.2 million
hectolitres) and 2009 (15.1 million hectolitres). Kompania Piwowarska`s product
portfolio includes Tyskie - Poles` favourite beer, _ubr - the second largest
Polish beer brand, Lech, Wojak, D?bowe Mocne, Pilsner Urquell, Redd`s, Ginger`s,
Peroni Nastro Azzurro and Miller Genuine Draft.
About Kulczyk Holding S.A.
Kulczyk Holding, a subsidiary of Kulczyk Investments S.A., is a private equity
firm specialising in growth capital, mature, middle markets, restructuring, and
buyout investments. Kulczyk Holding was founded in 1991 and is based in Warsaw,
Poland. It typically invests in companies based in European emerging markets,
European developed markets, Middle East, Central Asia, North Africa, United
States, and Canada. In 1993 Kulczyk Holding acquired 51% of Lech Brewery, one of
the largest brewery companies in Poland, from the Polish government. In 1995
South African Breweries Limited acquired a controlling stake in Kulczyk
Holding`s brewery assets.
This announcement is available on the company website and high resolution images
are available for the media to view and download free of charge from the Image
Library in the News and media section of www.sabmiller.com.
Enquiries:
SABMiller plc Tel:+44 20 7659 0100
Sue Clark Director of Corporate Tel:+44 20 7659 0184
Affairs
Gary Leibowitz Senior Vice President, Tel:+44 20 7659 0174
Investor Relations
Nigel Fairbrass Head of Media Relations Tel:+44 7799 894265
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.
Date: 14/05/2009 08:17:01 Produced by the JSE SENS Department.
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