International Breweries blames merger for delay in 2018 audited result filing
Brewery
By Chinyere Joel-Nwokeoma
Lagos, April 2, 2019 (NAN) International Breweries Plc on Tuesday attributed delay in the filing of its audited financial statements before the regulatory due date of March 31 to integration processes following its merger.
Mr Muyiwa Ayojimi, the Company Secretary/General Counsel, made this known in a letter to the Nigerian Stock Exchange (NSE), its shareholders and the general public.
The News Agency of Nigeria (NAN) reports that the company in 2017 merged with Intafact Beverages Limited and Pabod Breweries Limited.
NAN reports that the letter was titled: “Notification of Delay in Filing the Audited Financial Statements for the Year Ended 31 Dec. 2018.
International Breweries Plc (IB Plc), is a proud part of the world’s largest brewer, Anheuser-Busch InBev, (AB InBev) with over 400 beer brands.
Ayojimi said that the delay was occasioned by the follow-up activities to the merger which was concluded in Dec. 2017 and integration processes which were still ongoing.
He said appointment of a new External Auditor contributed to the development.
According to him, it was in compliance with the Securities and Exchange Commission (SEC) Code of Corporate Governance for Public Companies 2011 (SEC Code) regarding the 10-year tenure for External Auditors.
”Consequently, the company assures its shareholders of filing the accounts within the extended period granted by the exchange.
“The Board and Management are committed to ensuring the highest level of corporate governance and sustenance of stakeholder value,” Ayojimi said.
It was established in 1971 and listed on the NSE in 1995.
The company, AB InBev consolidated its business stakes in Pabod Breweries Limited, Intafact Beverages Limited into its majority ownership of IB Plc in a merger that was concluded in December, 2017.
The combined experience of our diverse people team from the three companies is about 100 years.
Its major national brands are Trophy Lager, Hero Lager, Betamalt, Grandmalt and the premium brand Budweiser. (NAN)
JNC/FF/GOK
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Edited by Fela Fashoro/Olagoke Olatoye
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