Czech Republic: SABMiller buys out Prazdroj minority shares

SABMiller plc announced on July 25 that its wholly owned subsidiary Pilsner Urquell Investments B.V. (“PUI”) has initiated a buy-out process to acquire the remaining 3.1% interest held by minority shareholders in the group’s Czech operating company, Plzeòský Prazdroj a.s. (“Plzeòský Prazdroj”). Following the proposed transaction, PUI will be the sole shareholder in Plzeòský Prazdroj.

Following an amendment to the Czech Commercial Code and at the request of PUI, Plzeòský Prazdroj’s majority shareholder, the board of directors of Plzeòský Prazdroj has called an extraordinary general meeting of shareholders (“EGM”) at which it expects PUI’s offer to minority shareholders to be approved. The value of the gross assets to be acquired is US$18.0 million or CZK446.7 million (representing 3.1% of total gross assets). The EGM is expected to take place on 26th August 2005 and the acquisition of the minority shareholders’ interest is expected to complete in October 2005.

SABMiller plc is one of the world’s largest brewers, with 2004/05 lager sales volumes in excess of 148 million hectolitres. It has a brewing presence in over 40 countries across four continents and a portfolio of strong brands and leading market shares in many of the countries in which it has brewing operations. Outside the USA, SABMiller plc is one of the largest bottlers of Coca-Cola products in the world. In the year ended 31 March 2005, the group generated US$2,194 million pre-tax profit from a turnover of US$14,543 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.

Plzeòský Prazdroj is the leading brewing company in the Czech Republic with lager sales volumes of over 9.7m hls in 2004/05 in over 50 countries. Its main brands are Pilsner Urquell, Gambrinus, Radegast and Velkopopovický Kozel.

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