Heineken Makes Public Offer in Egypt.Business Editors AMSTERDAM, Netherlands--(BUSINESS WIRE)--Sept. 12, 2002 The Executive Board of Heineken announces that it has today obtained the approval of the Egyptian Capital Market Authority to make a public offer for up to 100% of the issued shares of Al Ahram Beverages Company This article is about the Egyptian brewery, for other uses see Al-Ahram (disambiguation). Al Ahram Beverages Company is a company in Egypt which manufactures beer (Stella beer) as well as non-alcoholic malt-flavored beverages such as Fayrouz (ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) in Egypt. The offer price is USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 14 per share, resulting in a total acquisition price of USD 287 million if 100% of the shares are offered to Heineken. The offer is conditional upon Heineken acquiring at least 76% of the shares. The public offer by Heineken has the full support and commitment of the management of ABC. Founded in 1897, ABC was wholly privatised in February 1997 and its shares are quoted on the Cairo Stock Exchange and the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. in the form of Global Depository Receipts Global Depository Receipt A receipt denoting ownership of foreign-based corporation stock shares which are traded in numerous capital markets around the world. . ABC is today the sole Egyptian brewery group, with a beer volume of around 430,000 hectolitres. Its pilsner beer brand Stella is in Egypt almost synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as beer. With a volume of 620,000 hectolitres non-alcoholic malt beverages, particularly the promising flavoured adj. 1. same as flavored; - of foods. malt drink Fayrouz, ABC is also the market leader in this segment. In addition to this, ABC has wineries producing the brands Gianaclis and Obelisque that account for 85% of the domestic consumption. The market share of the spirits division is around 35% while its soft drinks operations have a market share of 3%. In 2001, ABC derived 52% of its sales from beer, 29% from non-alcoholic malt beverages, 11% from spirits and wine and 8% from soft drinks. Total net turnover amounted in 2001 to USD 105 million, operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. to USD 30.8 million and net profit to USD 22.8 million. ABC employs 3,860 people. On completion, Heineken will finance the transaction from its cash resources. It is expected that this acquisition would immediately be accretive to Heineken's net profit. Moreover, this transaction would represent a further step for Heineken in realising an optimal balance between its activities in stable, mature markets and those in developing markets. For more information on Heineken N.V. please visit www.heinekencorp.com For more information on the Al Ahram Beverages Company please visit www.alahrambeverages.com Heineken N.V. and Heineken Holding N.V. shares are listed on the Amsterdam stock exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. . Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIN NA and HEHN NA, on the Reuter Equities 2000 Service under HEIN.AS and HEHN.AS and on Quotron under HEINN.EU and HKAN.EU. Additional information is available on Heineken's home page: http://www.heinekencorp.com. --30--vp/ny* csm
CONTACT: Heineken
(Investor Relations)
Jan van de Merbel, +31-20-523-9591
or
(Press Information)
Manel Vrijenhoek, +31-20-523-9355
or
Taylor Rafferty
(Investor Relations)
Paul Scott, 212/889-4350
KEYWORD: NETHERLANDS INTERNATIONAL EUROPE
INDUSTRY KEYWORD: FOODS/BEVERAGES
SOURCE: Heineken
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion