Saturday, February 13, 2010
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Letters | Opinion | Editorial | Weekend Report |
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Public to get taste of brewery deal By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com: The public could be offered up to a 25 percent stake in Burns House Ltd. and the Commonwealth Brewery if a deal by Heineken to buy out the Association of Bahamian Distillers and Brewers (ABDAB) gets the thumbs up. In a statement, Heineken confirmed it was in talks with ABDAB, with whom it currently shares ownership of the two companies. Heineken said: "Heineken wishes to announce that it is in conversations with the Associated Bahamian Distillers and Brewers Limited (ABDAB) to explore the possibility of acquiring their shares in the Burns House Group and Commonwealth Brewery Limited businesses in The Bahamas." However The Nassau Guardian understands that matters have progressed beyond simple talks and in fact the deal had been agreed pending government approval. Further, that the government has indicated it is minded to approve the sale however has asked that 25 percent of the total shares be offered to the public - it is not clear yet whether that has been agreed to, or indeed what form that offering would take. Run by Sir Garet 'Tiger' Finlayson and his soon Mark the deal could be in excess of $100 million some reports have suggested. Back in 1979, ABDAB originally owned 100 percent of Burns House Limited, and 15 percent of Commonwealth Brewery Limited. The company held its initial public offering in 1985 after which ABDAB increased its share holding in the brewery to 20 percent. After a number of share swapping and other arrangements ABDAB has ended up with a 78.8 percent ownership in Burns House and 47 percent of the brewery, with Heineken retaining the remaining shares. In 2000, Butler & Sands, Wholesale Wines & Spirits, Todhunter-Mitchell Distilleries and Lucayan Ship Chandlers were acquired by Burns House. The brewery is member of the Burns House Group and has been producing Heineken since the brewery's inception in 1987. It also produces Guinness Stout, Vitamalt and Kalik, Beer of the Bahamas. In 2008, CBL, along with parent company Burns House Group, celebrated the 20th anniversary of Kalik.
Monday February 1, 2010 |
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