E-Malt.com News article: Ghana: SABMiller’s Ghanaian subsidiary to seek a de-listing from the Ghana Stock Exchange

SABMiller’s Ghanaian subsidiary, Accra Brewery Limited (ABL), will table a resolution at its AGM to be held on Sep. 8, to seek a de-listing from the Ghana Stock Exchange, Dow Jones cited the parent company on August, 18.

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 program, SABMiller said.

SABMiller Africa, the parent company of Overseas Breweries Limited (OBL), which is the majority shareholder of ABL, 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.

According to the company, ABL remains firmly committed to trading in Ghana.

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.



25 August, 2010