Management of ABL proposes to de-list from GSE

Accra, Aug. 18, GNA - The management of Accra Brewery Limited (ABL) has proposed to de-list from the Ghana Stock Exchange (GSE).

A statement issued by the company's management in Accra on Tuesday, said its stock exchange de-listing would enable it to implement a much-needed business recovery programme.

"ABL has been struggling with poor market conditions, reflected in its results over the past few years."

The statement said at the company's Annual General Meeting scheduled for September 8, a resolution would be proposed for the de-listing of ABL from the Ghana Stock Exchange.

The management of 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 shareholders of ABL for and on behalf of OBL, for all of their outstanding ordinary shares in ABL to provide an exit strategy for their shareholding in ABL, subject to obtaining all regulatory approvals.

Key minority shareholders of ABL, who hold in aggregate more than 75 per cent of the outstanding issued shares of ABL, 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 GSE.

The statement said management of ABL remained firmly committed to trading responsibly in Ghana and to contribute to the local economy and its people.

"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," it added.

Mr Greg Metcalf, Managing Director of ABL stressed that the move would have no negative impact on the company's range of products or brands, product availability or service.

He said, "Indeed we are still investing in the future of the company. With the success of our recently launched Chibuku, we are looking at production expansion in order to meet the ever growing demand.

"This would result in increased local raw material sourcing with a resultant benefit to local farmers and their dependents, as Chibuku is made from local sorghum and maize. Increased employment and poverty alleviation would be the result of this initiative," the statement added.

Accra Brewery Limited, a subsidiary of SABMiller plc and originally known as Overseas Breweries Limited, was registered in Switzerland in 1931, establishing a brewing industry in the then Gold Coast.

In 1975, the locally registered ABL acquired Overseas Breweries' assets to open the way for Ghanaian participation in the business.

Currently, the company manufactures and distributes beer, sparkling soft drinks and non-alcoholic malt beverages.

Its brands are household names in the country; Club Premium Lager, Club Gold Export Lager, Castle Milk Stout, Stone Strong Lager, Chairman Malt Liquor, Club Shandy, Redd's Fruit Fusion, Peroni Nastro Azzurro, Chibuku Shake Shake, Castle Milk Malt, Club Cola, Club Muscatella, Club Orange, Club Soda and Club Quinine Tonic.

The management of SABMiller plc is currently the majority shareholder through its holding in OBL which in turn holds a 69.2 per cent stake in ABL, which has 3,711 shareholders in total.

ABL's mission is to own and nurture local and international brands that are the first choice of consumers and customers in Ghana.

SABMiller plc is one of the world's largest brewers with brewing interests and distribution agreements across six continents.

The group's wide portfolio of brands includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch, as well as leading local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie.

SABMiller is also one of the world's largest bottlers of Coca-Cola products.

In the year ended 31 March, 2010, the group reported 3,803 million dollars adjusted pre-tax profit and group revenue of 26,350 million dollars.

SABMiller plc is listed on the London and Johannesburg stock exchanges.