Anheuser-Busch InBev (AB InBev) on Thursday announced that it had entered into a binding agreement to sell its entire indirect shareholding in Distell Group to the Public Investment Corporation (PIC) for an undisclosed amount.
The PIC is acting on behalf of the Government Employees Pension Fund.
As part of its ruling to approve the business combination with SABMiller, the Competition Tribunal required AB InBev to dispose of the Distell Shareholding.
The stake comprises 58 674 000 ordinary shares, or approximately 26.4 percent of Distell’s shareholding.
Remgro Limited and Capevin Holdings, who hold preemptive rights in relation to the Distell shareholding, had confirmed that they would not exercise their preemptive rights triggered by the sale.
The sale remains subject to the approval of the South African competition authorities. The giant brewing company said it would provide an update in due course.
In a statement, Distell welcomed the PIC as a new major shareholder, saying it was looking forward to working together.
Standard Bank and Deutsche Bank are acting as joint financial advisers to AB InBev in connection with this transaction. Webber Wentzel is the legal counsel to AB InBev.
– African News Agency (ANA)