Ecobank shareholders approve all resolutions @2018 AGM

ITREALMS: The parent of Ecobank Group, Ecobank Transnational Incorporated, with operations in 36 countries across the African continent, has concluded its 30th Annual General Meeting in Lomé, Togo, Wednesday with shareholders approving all the resolutions, reports ITRealms. Shareholders welcomed Ecobank’s return to profit for the year to 31 December 2017 as they approved all the resolutions at the AGM, which included the ratification of the co-option of Messrs. Monish Dutt, Brian Kennedy and David O’Sullivan as Directors. They are nominees of the International Finance Corporation, Nedbank Group and Qatar National Bank respectively. The firms Deloitte and Touche, Nigeria and Grant Thornton Côte d’Ivoire were re-appointed as Joint Auditors for a one-year term. Ecobank Group Chairman Emmanuel Ikazoboh said: “Ecobank enjoyed a return to profitability in 2017 as the strengthening of underwriting and risk management processes began to address our legacy credit issues. There were substantial improvements in the financial performance of our Consumer Bank and Corporate and Investment Bank divisions and the Board is confident that the foundations are now in place to enable the sustainable growth that will create shareholder value throughout Ecobank.” Ade Ayeyemi, Group Chief Executive of Ecobank Group, said: “Our digitisation strategy is rapidly yielding results that are putting Ecobank firmly on its path to becoming the digital bank of choice across its pan-African territories. Additionally, having ‘right-sized’ the business and ‘fixed the basics’, Ecobank is leveraging its inherent strengths as middle Africa’s leading financial platform to the benefit of all its stakeholders as a strong and sustainable bank as it promotes economic development and financial integration across the African continent.”

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Shareholders approve InterBreweries, Intafact, Pabod merger

ITRealms:

The shareholders of International Breweries (INTBREW) Plc, Intafact Beverages Limited and Pabod Breweries Limited have approved resolutions authorizing the merger of the three companies, reports ITRealms.

Shareholder approvals, ITRealms gathered, were granted during separate court ordered meetings of each of the Merging Entities which held on Wednesday 18 and Thursday 19 October 2017.

Prior to the approval by the shareholders of the Merging Entities, ITRealms also gathered, requisite pre-merger approvals had been received from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

ITRealms reports that with the shareholder approvals in place, the SEC and NSE will now be re-approached for their final approvals, to be followed with an application to the Federal High Court to sanction the merger, after which, the merger becomes effective. 

FCMB Capital Markets Limited and Odujinrin & Adefulu are advisers to International Breweries Plc while Stanbic IBTC Capital Limited and Udo Udoma & Belo-Osagie serving as advisers to Intafact Beverages Ltd and Pabod Breweries Ltd.

Chairman of the Board of International Breweries Plc, Sunday Akintoye Omole said they are of the opinion that the merger will create a platform where significant synergies can be obtained for the benefit of “our shareholders, employees, customers, distributors, suppliers and the economy as a whole.”

Commenting on the merger, His Majesty, Nnaemeka Alfred Achebe, Chairman of the Board of Intafact Beverages Ltd said “It is envisaged that the merger will be beneficial to all stakeholders involved, while providing the new entity with an extremely compelling economic opportunity.”

Gustav Wilhemus Van Heerden Chairman of the Board of Directors of Pabod Breweries Limited said the merger will “improve, and expand growth prospects for the new entity and will also maximize value for all stakeholders.”

International Breweries Plc commenced production with the launch of its flagship product, Trophy Lager in December 1978. The company now produces Beta Malt as well as Castle Milk Stout, Castle Lager, Redds, Hero Lager, 1960 Rootz and Grand Malt which are produced and sold under co-packaging and franchise agreements.

Intafact Beverages Limited was first incorporated in February 2007. The company’s principal activities include the manufacturing, distribution and sale of a variety of beverages such as Hero Lager, as well as Eagle Lager, Trophy Lager, Castle Milk Stout, Grand Malt, Beta Malt, Chibuku, 1960 Rootz, Redds and Super Shake Yogurt drinks.

Pabod Breweries Limited was incorporated in 1978 under the leadership of His Excellency Melford Okilo. The company’s principal activities include the manufacturing, distribution and sale of a variety of beverages and its brands include its flagship product Grand Malt, as well as Castle Milk Stout, Eagle Lager, Hero Lager, Trophy Lager, Beta Malt, Redds and 1960 Rootz which are produced and sold under co-packaging and franchise agreements.

Combined, the three companies, which are subsidiaries of AB InBev, will be one of the biggest beverage manufacturing and distribution companies in Africa, based on installed production capacity. 

Nonye Dom/GEE

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