| Wed 18 Aug 2010, 15:30 | | SAB - SABMiller Limited - SABMiller to seek de-listing of Ghana subsidiary |
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SAB - SABMiller Limited - SABMiller to seek de-listing of Ghana subsidiary
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
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.
ENDS
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.
Visit the company website: www.sabmiller.com
To view and download images or video footage for use in the media, please visit
the image and broadcast footage libraries in the News and media centre on
www.sabmiller.com
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.
Enquiries
SABMiller plc
t: +44 20 7659 0100
Sue Clark
Director of Corporate Affairs
SABMiller plc
t: +44 20 7659 0184
Gary Leibowitz
Senior VP, Investor Relations
SABMiller plc
t: +44 20 7659 0119
Nigel Fairbrass
Head of Media Relations
SABMiller plc
t: +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: 18/08/2010 15:30:01 Produced by the JSE SENS Department.
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