AB InBev to sell its Distell stake to PIC | Fin24

AB InBev to sell its Distell stake to PIC

Dec 15 2016 10:50
Lameez Omarjee

Johannesburg – Multinational beverage and brewing company Anheuser-Busch InBev (AB InBev) [JSE:ANB] announced on Thursday it will sell its entire stake in the Distell Group [JSE:DST] to the to the Public Investment Corporation (PIC).

According to a company announcement, the stake comprises 26.4% of Distell’s issued share capital.

Earlier this year, the Competition Tribunal approved AB InBev’s R1.5tr acquisition of SABMiller [JSE:SAB], on condition that it dispose of its Distell shareholding.

READ: AB InBev will speed up Distell share sale to secure SABMiller

This deal makes AB InBev the largest brewing company in the world. 

Remgro Limited and Capevin Holdings Limited, which hold pre-emptive rights in relation to the Distell shareholding, indicated that they will not exercise the pre-emptive rights triggered by the sale.

Previously, Remgro planned to raise R9.9bn to buy SABMiller’s stake in Distell. Remgro owns 53% of Distell.

ALSO READ: Remgro to raise R9.9bn as Johann Rupert mulls Distell deal

Distell said it welcomed the sale to PIC, which will be the new major shareholder.

The deal remains subject to the approval of South African competition authorities.

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