Nigerian Breweries Plc has acquired an 80 per cent stake in Distell Wines and Spirits Nigeria Limited.
This was reported in a statement filed with the Nigeria Exchange Limited on Saturday.
At the company’s pre-AGM media briefing, the Managing Director/Chief Executive Officer of NB Plc, Hans Essaadi, said that the firm was eyeing June to close the Distell Nigeria deal to boost its Beyond-Beer agenda and strengthen its share in the wider beverages market. The transaction just got completed and it followed the approval south Africa Reserve bank.
“This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can’t wait to see how this transforms our business,” he said.
In his remarks, the Managing Director of Distell Nigeria, Mr Steve Ighorimoto, stated that the acquisition was an exciting new chapter for the company as it would help increase the capacity necessary to achieve improved business performance.
“We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team.
These changes will strengthen the organisation’s manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders,” he stated.
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