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April 13, 2006
SAB to sell 40% of subsidiary to BEE group
South African Breweries Limited (SAB), a wholly owned subsidiary of SABMiller, on Thursday announced that it has finalised, subject to the fulfilment of certain conditions, the sale of 40% of its crown (bottle top) manufacturer, Coleus Packaging, to the Nokusa Consortium, led by Nokusa Investments in a black economic empowerment (BEE) transaction...
Nokusa will be involved at a strategic level as well as an operational level and will have the right to appoint two directors to the five-member board. The value of the gross assets disposed of by SAB is approximately R30-million.
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Posted by bernievn at April 13, 2006 11:09 AM