Heineken bids for Egyptian ABC’s outstanding shares
Netherlands’ Heineken has made an offer to acquire the 2.2 percent outstanding shares in Egypt’s Al-Ahram Beverages (ABC), reported Al-Alam Al-Youm . Heineken acquired 97.8 percent of the Egyptian brewery last year.
Heineken said it would pay $14 per share for the remaining stake; the same price it paid per share in 2002 when the company bought 20,035,480 shares in ABC. The total acquisition price was $280 million.
Founded in 1897, ABC was wholly privatized in February 1997 and is today the only brewery group in Egypt. With a beer volume of around 430,000 hectolitres, ABC produces the pilsner beer brand Stella and non-alcoholic malt beverages. — (menareport.com)
© 2003 Mena Report (www.menareport.com)