Namibian Breweries Limited (NBL) has announced that it has received an offer from Heineken N.V to acquire its 25% shareholding in Heineken South Africa (RF) Proprietary Limited estimated to be worth close to N$700 million.
NBL said it has since appointed an independent board consisting of former Standard Namibia CEO, Vetumbuavi Mungunda and Afra Schimming-Chase to evaluate the offer.
“NBL has established an independent committee of the Board (“Independent Board”) for purposes of considering the Potential HSA Transaction and other related matters, including evaluating the terms and conditions of the Potential HSA Transaction and advising shareholders thereon, as required under the Companies Act, 2004 (Act 28 of 2004) and the Listings Requirements of the NSX. The Independent Board comprises of Mr Vetumbuavi Mungunda and Ms Afra Schimming-Chase,” NBL said in cautionary statement issued on Wednesday.
The offer by the Dutch brewer, comes as Heineken, the world’s second-largest brewer, has approached South African wine and spirits maker Distell Group, to buy the “majority of Distell’s business”.
“Satisfactory progress has been made with regards to the discussions with certain issues still to be agreed. The parties are committed to finalising these outstanding issues in the shortest possible time frame and Distell will inform shareholders immediately upon their finalization,” Distell said in an update and further cautionary announcement issued on Wednesday.
Cape-based Distell is the world’s second-largest cider maker, while Heineken is the second-largest beer brewer globally.
Distell owns brands like Savanna, Hunter’s and Klipdrift, has a market value of about N$31.8 billion.
