Pan Marine acquires 73.4 stake in Golden Guinea Breweries

Pan Marine Investment Limited has acquired 73.4 per cent majority equity stake valued at N1.20 billion in Golden Guinea Breweries Plc.

Regulatory filing of the Umuahia, Abia State-based company at the Nigerian Stock Exchange (NSE) disclosed that Pan Marine Investment acquired 752.508 million Ordinary Shares of 50 kobo each of Golden Guinea Breweries at N1.60 per share.

The transaction was undertaken through the means of private placement.

With the listing of the additional 752.508 million Ordinary Shares of 50 kobo each issued to Pan Marine Investment, the total issued and fully paid up shares of Golden Guinea Breweries increased from 272.16 million to 1.025 billion Ordinary Shares of 50 kobo each.

It is on record that Pan Marine Investment had in 2018 helped Golden Guinea Breweries to secure a $9.9 million loan facility from the Nigerian Export/Import Bank (NEXIM) and Bank of Industry.

Incorporated as Independence Breweries Limited in 1962, Golden Guinea Breweries was founded by the Eastern Nigerian regional government. It commenced operations in 1963 with an initial installed capacity of 1.0 million gallons. It changed its name to Golden Guinea Breweries in 1971.