ABI set to de-list from JSE

Cape Town - Soft drink bottler and distributor Amalgamated Beverage Industries Ltd (ABI) is scheduled to de-list officially from the JSE Securities Exchange on December 14, with the counter to be suspended from trading on December 6.

ABI and parent SABMiller announced the news on Thursday.

The move follows global brewing giant SABMiller's proposed buyout of the remaining 26.5% interest in ABI that it does not already own from minorities for a cash consideration of R91.00 per ABI share.

The buyout will be voted on at a meeting of ABI minority shareholders on November 9.

The offer represents a premium of 32.1% to the closing price of R68.90 of ABI shares on the JSE on Tuesday, the last trading date before the publication of the cautionary announcement related to the offer.

SABMiller said it reserved the right to implement the acquisition of the ABI shares by other means should shareholders not approve the buyout or should any of the other conditions precedent not be fulfilled.

The Court hearing to sanction the scheme is scheduled to be held on November 23.

ABI shares were last quoted on the JSE at R89.10, up 10c or 0.11% from R89.00 at Wednesday's close, with 67 712 shares having changed hands in 55 trades so far.

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