Beverage giant SABMiller has announced the implementation of a number of organisational changes in its African operations, which took effect at the start of January as part of SABMiller's strategic alliance agreement with Castel.
The changes involve the combination of the operational management of the Castel and SABMiller businesses in Nigeria and Angola, with the Nigerian businesses being managed in future by SABMiller, and the Angolan businesses being managed by Castel.
The existing strategic alliance agreement, under which SABMiller has a 20% shareholding in Castel's other African beverage interests and Castel has a 38% shareholding in SABMiller's principal African holding company, remains in place.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Graham Mackay, Chief Executive of SABMiller said: "Our relationship with the Castel Group has gone from strength to strength over the decade that the strategic alliance has been in place.
"We believe that these operational changes will benefit our local businesses, our minority partners, and our customers and consumers in both Angola and Nigeria, and demonstrate both groups' long-term commitment to the alliance."
SABMiller's share price rose 0.17% to 2,336.5p by 15:14.
NR
-
Frozen thresholds could push ‘tax freedom day’ to latest date this centuryTax freedom day is the point in the year you stop earning for the taxman and start earning for yourself. A rising tax burden could push it to 12 June this year – the latest date since 1982.
-
Family left with £20k IHT bill because of out-of-date tax adviceFrozen tax thresholds and dated guidance helped drag the estate into an inheritance tax liability despite extensive use of gifting to avoid a bill
