Zimbabwean biggest company by market value Delta Corporation has agreed to buy a controlling stake in National Breweries Plc from its parent firm, Anheuser-Busch InBev.
Company secretary Alex Makamure said while the acquisition was still subject to regulatory approvals, the board was optimistic of prospects.
“The entity is being acquired from Heinrich’s Syndicate, a subsidiary of AB InBev,” he said.
National Breweries is a leading sorghum beer producer in Zambia whose products are marketed under the Chibuku brand.
“The impact of this transaction is currently being determined but is not material for Delta,” Mr. Makamure said.
The purchase of National Breweries will increase the Harare-based company’s exposure to the plant-based alcoholic drink, Delta said in a statement.
“This investment opportunity fits well with the company’s multi-beverage strategy,” Delta said, without putting a value on the transaction.
The expansion into neighboring Zambia will help Delta battle weak economic growth and a cash crunch in its home market.