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08.04.2005 Business & Finance

Ghana Breweries Limited to de-list from Exchange

By GNA

Accra, April 8, GNA - Shares in Ghana Breweries Limited would cease to be traded on the Ghana Stock Exchange as from Monday, April 25, 2005, following the granting of GBL's de-listing request.

This means that GBL shares would for the last time be traded on the GSE on Friday April 22, 2005.

The Listing Committee of the Exchange's Council accepted the Company's demand to be taken off the Ghana Stock Exchange Official List under its regulation to de-list a security whose public distribution has been so reduced as to make further trading in it inappropriate.

A statement from the Ghana Stock Exchange on Friday informed the investing public that Guinness Ghana Brewery Limited (GGBL), the majority shareholder of GBL, was prepared in line with its offer document to acquire the shares from shareholders willing to sell for cash at 1,600 cedis per share.

Guinness Ghana Limited (GGL) and Ghana Breweries Limited entered into merger discussions in December 2003, culminating in an offer being made by GGL for all 334.2 million issued ordinary shares of GBL. The offer was made at 1,600 cedis for each GBL share with a share alternative of 0.134 new Guinness share for every GBL share. The take-over was completed in November 2004 during which a total of 839 shareholders holding 99.58 per cent of the total issued shares of GBL had tendered.

GBL shares tendered for cash were 71.26 million and those for new GGL shares were 261.55 million.

Payment of cheques and issue of new GGL shares under the offer were effected in December 2004 and new Guinness shares issued also commenced trading in December 2004.

Consequently, shareholders of GBL unanimously passed an ordinary resolution at their Annual General Meeting in February to de-list from the Stock Exchange.

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