Heineken makes public offer in Egypt
When Heineken made a public offer for up to 100 percent of the issued shares of Al Ahram Beverages Company (ABC) in Egypt, it expected to acquire at least 76 percent of the shares. By the end of September 2002 Heineken had bought 97,8 percent of the shares for which it paid USD14 per share or a total of USD280 million. The bid valued Al Ahram at circa 7.3x 2003 EV/EBITDA.
Needless to add that the public offer by Heineken had the full support and commitment of the management of ABC.
Founded in 1897, ABC was privatised in February 1997 and its shares are quoted on the Cairo Stock Exchange and the London Stock Exchange in the form of Global Depository Receipts. It is the only Egyptian brewery group with a beer output of 430,000 hl annually.8 million and net profit to USD22.8 million.
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