The approval also cleared the way for the brewing giant to take over the import business of Distell International Limited in Nigeria.
Nigerian Breweries, the local unit of Heineken N.V., bought a further 20 per cent stake in Distell Wines and Spirits Nigeria Limited, enabling it to take full ownership of the company.
Last June, the brewer declared it had bought 80 per cent of the shareholding of Distell Wines and Spirits after South Africa's Reserve Bank approved the deal, paving the way for Nigerian Breweries to purchase the shares of Heineken Beverages Holdings Limited in Distell Nigeria.
The approval also cleared the way for the brewing giant to take over the import business of Distell International Limited in Nigeria.
"The full acquisition follows the execution of a sale and purchase agreement with the DWSN minority shareholders, Ekulo International Limited and Next International Nigeria Limited, which each held a 10% stake in the company," Nigerian Breweries disclosed in a statement Thursday.
The company said the acquisition "will help to reduce complexities" and speed up its decision-making process as it seeks to diversify away from beer, hoping that adding wines to its broad product mix will boost its drive to unlock more value in the local beverage industry.
Nigerian Breweries has relocated its manufacturing operations from its rented facility to its own plant, a move it believes will help ramp up the production capacity of Distell Wines and Spirits Nigeria brands.
It was noted that the decision will allow Distell Wines and Spirits Nigeria to leverage the economies of scale available in Nigerian Breweries' plans.
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CEO Hans Essaadi said last June the acquisition "is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry."
Among the notable brands produced by Distell Wines and Spirits Nigeria are Chamdor, Hunters Dry, 4th Street and Savanna. Nigerian Breweries' imported wines and spirits brands comprise Drosty Hoff and Nederburg wines, Amarula Cream Liqueur and Bain's Whisky.
Nigerian Breweries reported a record net loss of N145 billion last year after taking a hit from a sharp naira devaluation. Total assets stood at N1.14 trillion at the end of 2024, compared to N1.13 trillion a year earlier.
