Completion of the transaction between South African Breweries plc and Philip Morris regarding Miller Brewing Company and change of name to SABMiller plc
9 July 2002
London and Johannesburg, 9 July 2002. South African Breweries plc (SAB) today announced that, following the approval of its shareholders at the EGM on 1 July 2002 and the receipt of satisfactory regulatory clearances, its transaction with Philip Morris Companies Inc. (Philip Morris) regarding Miller Brewing Company (Miller) has been completed.
Miller has now become a wholly owned subsidiary of SAB, and SAB has issued 430 million new shares to Philip Morris, consisting of 234,948,770 ordinary shares, which will be listed today, and 195,051,230 unlisted low-voting participating shares. SAB has applied to the UK Listing Authority and to the London Stock Exchange for the 234,948,770 ordinary shares to be admitted to trading on the London Stock Exchange's market for listed securities. SAB will today be renamed SABMiller plc (SABMiller).
Graham Mackay, Chief Executive of SABMiller said: "As the world's second largest brewer by volume, SABMiller is a leader in the global brewing industry and is attractively positioned for further market developments. We intend to achieve profitable growth in the global beer market."
Notes to Editors
- SAB and Philip Morris announced the transaction on 30 May 2002.
- SABMiller is a major international brewer. By volume it is the world's second largest brewer and it employs over 38,000 people across the globe in 111 breweries. SABMiller has a portfolio of strong brands and a leading market share in many of the countries in which it has brewing operations. It is one of the largest bottlers of Coca-Cola products in the world.
- SABMiller is listed on the London and the Johannesburg stock exchanges
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