SABMiller Plc (SAB.L) announced the detailed terms of its proposed broad-based black economic empowerment transaction in South Africa. The transaction will result in 8.45% of its South African subsidiary, The South African Breweries Limited, being held by a broad base of black participants. The total value of the transaction is US$988 million.
The company said that the participants will include SAB's employees; black-owned licensed liquor retailers and retail liquor licence applicants, as well as registered black-owned customers of ABI, the soft drinks division of SAB or "Retailers"; and the broader South African community through a newly established SAB Foundation.
Under the transaction, the South African Breweries Limited or "SAB" will issue three new classes of ordinary shares in SAB, in aggregate comprising 8.45% of SAB's enlarged issued share capital, to three separate investment entities. SAB's employees will in aggregate hold about 18.53 million E Ordinary Shares, being 3.39% of SAB's enlarged issued share capital, through an employee share trust; Retailers will in aggregate hold 19.23 million R Ordinary Shares, being 3.52% of SAB's enlarged issued share capital, through an investment entity, SAB Zenzele Holdings Limited; and The SAB Foundation will hold 8.41 million F Ordinary Shares, being 1.54% of SAB's enlarged issued share capital.
The transaction period is expected to be about ten years, after which time the E and F Ordinary Shares, and the ordinary shares in SAB Zenzele will be acquired by members of the SABMiller Group, and participants will receive shares in SABMiller plc which will have an aggregate value linked, inter alia, to the operating performance of SAB during the Transaction Term.
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