SABMiller's BEE deal gets UK Court approval
Global brewing giant SABMiller (SAB) said earlier today, Thursday 4 February 2010, that the High Court of Justice in England and Wales has sanctioned the Scheme of Arrangement to give effect to the group's proposed broad-based black economic empowerment transaction in South Africa.
Under the transaction, which was overwhelmingly approved by shareholders at a general meeting in January, new shares in the company's South African subsidiary, The South African Breweries (SAB), will be allocated to three participant groups - SAB employees, qualifying black-owned beer and soft drink retailers, and a new SAB Foundation for the benefit of the broad South African community - thereby increasing black participation in SAB and providing long-term economic benefits to a broad range of black South Africans.
It is expected that the SAB Zenzele offer to retailers will open later this month and final allocations of shares in respect of all three participant groups will be determined in May.