/ 18 June 1999

HEINEKEN BUYS NIGERIAN

DANISH brewing giant Heineken has increased its stake in Nigerian Breweries to almost 37% and could be considering a full take-over, company officials said on Wednesday. A spokesman for Nigerian Breweries said the Danish concern now owns 36,34% of the Nigerian firm after purchasing the holding previously owned by Unilever. Nigerian Breweries chairman Felix Ohiwerei said the Nigerian firm is delighted by the interest shown by Heineken which he said would enable the firm to access the most modern brewing technology. Turnover at Nigerian Breweries fell by 16% last year to 9,18 billion naira from 10,88 billion in 1997 but pre-tax profits rose by 34% to 3,23 billion naira from 2,40 billion naira. The official rate of the naira is 94,88 naira to the dollar. On the Lagos Stock Exchange, Nigerian Breweries fell Wednesday to 17,78 naira from 18,71 the previous day.