LAGOS, 17th November 2023

PROPOSED ACQUISITION OF 80% SHAREHOLDING IN DISTELL WINES AND SPIRITS NIGERIA LIMITED AND 100% IMPORT BUSINESS FROM HEINEKEN BEVERAGES (HOLDING) LIMITED

Additional to the notification of 31st Could 2023 from Nigerian Breweries Plc (“NB” or “the Firm”) to the Nigerian Alternate Restricted and the investing public on the above topic, the Firm hereby supplies updates on subsequent developments thereon.

Following the conclusion of an in depth overview of the Supply, the Board met at a particular assembly on the 16th of November 2023 and resolved as follows:

1. 
   To advocate to Shareholders in a common assembly for his or her consideration and approval, the acquisition of 80% financial curiosity, voting, and different rights held by Heineken Drinks (Holdings) Restricted in Distell Wines & Spirits Nigeria Restricted, which pursuits and rights are held by means of Distell Worldwide Holdings Restricted, and 100% of the import enterprise of Heineken Drinks (Holdings) Restricted in Nigeria (together with the license to market, distribute and promote the imported merchandise, in addition to produce any of the imported manufacturers regionally); and
2. 
   To convene an Further-Extraordinary Common Assembly (“EGM”) of the Firm to allow Shareholders contemplate and approve the acquisition, amongst others. The EGM will happen on Wednesday, twentieth December 2023 at Oriental Resort, Lekki Expressway, Victoria Island, Lagos at 2:00 p.m.

The proposed acquisition, which can even be topic to any relevant regulatory approval course of, aligns with the Firm’s strategic goal of increasing its present product choices past beer to incorporate, wines, spirits, and flavored alcoholic drinks. It additionally supplies the Firm with progress alternatives and long-term profitability.

BY ORDER OF THE BOARD

Uaboi G. AGBEBAKU, FCIS

Firm Secretary

DIRECTORS: A. Ighodalo – Chairman; H. Essaadi (Dutch) – Managing Director/Chief Government; Mrs. J. Anammah; Mrs. A.O. Aroyewun; S. Hiemstra (Dutch); Mrs. N.O. Nwuneli, MFR; Mrs. I.M. Omoigui Okauru, MFR; J.A.A. Overmars (Dutch); R. Pirmez (Belgian); I.A. Puri; B.A. Wessels Boer (Dutch).