Ghana: Accra Brewery shareholders vote in favour of delisting from Ghana Stock Exchange

Majority shareholders of Accra Brewery Limited (ABL), one of the oldest manufacturing businesses in Ghana, have voted in favour of the company's proposal to delist from the Ghana Stock Exchange, Afrique en ligne cited a company statement on September, 9.

As a result, SABMiller Africa, the parent company of Overseas Breweries Limited (OBL), which is the majority shareholder of ABL, will be making an offer to the minority shareholders for and on behalf of OBL, for all of their outstanding ordinary shares in the company. This will provide an exit strategy for their shareholding.

The chairman of the company's board of directors, Dr Charles Mensa said: “ABL remains firmly committed to trading responsibly in Ghana and to contributing to the local economy and its people.

“The delisting of the company is not expected to impact on job security, day to day conduct of business and relationships with stakeholders such as employees, suppliers and customers.”

The managing director of ABL, Greg Metcalf, added that “this exercise when completed will enable the company to implement a much needed business recovery programme”.

Meanwhile, the Ghana Stock Exchange, acting under its automated trading system rules and with prior notification to Ghana Security and Exchange Commission, suspended trading in the shares of ABL on Tuesday.

ABL is one of the oldest non-traditional manufacturing businesses in Ghana brewing brands such as Club Beer, Castle Milk Stout, Stone Lager, Club Shandy, Vitamalt, Muscatella, which are produced and marketed from their site in Accra.

10 September, 2010