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PIC takes control of stake in Distell

Apr 12 2017 16:33

Cape Town - Anheuser-Busch InBev has completed the sale of its entire indirect shareholding in Distell Group Limited to the Public Investment Corporation (PIC), it announced on Wednesday.

"The sale was required as a condition of the South African Competition Tribunal’s approval on 30 June 2016 of the business combination between AB InBev and SABMiller," it said in a statement,

Last month the Competition Tribunal approved the transaction.

"The conditions of the transaction are confidential and form part of conditions agreed to in the AB InBev merger," it said in a statement at the time.

The Tribunal approved last year AB InBev’s R1.5trn acquisition of SABMiller, on condition that it dispose of its Distell shareholding.

The conditions required that AB InBev prefer bids from BEE bidders. "As there were no BEE bidders, Government Employees Pension Fund (GEPF) purchased the share and will now sell a portion to a BEE company."

The PIC stake comprises 26.4% of Distell’s issued share capital, according to a company announcement issued in last year.  

The PIC, which manages among others the assets of the GEPF, the Unemployment Insurance Fund and the Compensation Fund, had a total of R1.8trn assets under management in the 2015/16 financial year.

Distell is a producer, marketer and distributor of wines, spirits, ciders and ready to drink beverages, Wine and spirit products include Nederburg, Durbanville Hills, Two Oceans, Klipdrift, Richelieu and Bains.

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ab inbev  |  competition tribunal  |  pic  |  distell  |  acquisitions
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