Nigeria’s biggest beer maker Nigerian Breweries will decide in the weeks ahead whether to acquire the controlling stake in the local unit of Stellenbosch-based Distell International Limited after an offer from Heineken Beverages Limited South Africa.
The company got an approach from Heineken Beverages to buy the 80 per cent shareholding in Distell Wines & Spirits Nigeria Limited, which the latter is looking to offload, according to a statement issued by Nigerian Breweries on Wednesday.
Distell International Limited is fully owned by Heineken Beverages and has spirits, wines and ciders within its product mix including internationally known brands like Amarula, Savanna, Chamdor and Hunter’s Dry.
“The Board resolved to consider the offer in detail with support from external legal and financial advisers and thereafter make a decision thereon in the coming weeks,” the document said.
Distell Nigeria locally produces still and sparkling wines as well as ciders in addition to importing wines, spirits and flavoured alcoholic beverages from the parent company in South Africa.
The approach from Heineken Beverages presents Nigerian Breweries with the chance to branch out into the manufacturing of such products, none of which is present in its portfolio of around 22 brands, according to the information on its website.
Nigerian Breweries reported a net loss of N10.7 billion in the quarter to March, with total assets standing to N652.9 billion.
Acquisition of property, plant and equipment for 2022 came to N97.9 billion up from N59.4 billion a year earlier, its audited earnings report showed.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: Call Willie – +2348098788999