On September the 25 the offering period of the public bid made by Heineken on September 13 for all the shares of the Egyptian Al Ahram Beverages Company ended. The bid has been successful. 97.8% i.e. in total 20,035,480 shares for US$ 14 per share have been offered to Heineken. So, the total acquisition values more than US$ 280 million. The transaction is expected to be realised on September 29 2002.

Al Ahram Beverages Company is the only Egyptian brewery group, with a capacity of about 430,000 hl. Its pilsner beer brand Stella is almost synonymous with beer in Egypt. The company produces as well as non-alcoholic malt beverages, with a volume of about 620,000 hl.

“Heineken will finance the transaction from its cash resources. It is expected that this acquisition is immediately accretive to Heineken's net profit. Moreover, this transaction represents a further step for Heineken in realising an optimal balance between its activities in stable, mature markets and those in developing markets,” the company reported.

26 September, 2002