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Wednesday, February 23, 2011

Caribbean breweries taken over by Dominican Republic company

Danish group Royal Unibrew has entered into a US$31 million agreement to sell its Caribbean breweries to Cerveceria Nacional Dominicana (CND), a company in the Dominican Republic.

The deal will see CND, the leader in the Dominican Republic’s beer and malt markets, taking the majority stake in Royal Unibrew’s beer, malt, soft drink and water operations in St Vincent, Antigua and Barbuda and Dominica.

The deal comprises 76.5 per cent shares in St Vincent Breweries Ltd, 93 per cent in Antigua Brewery Ltd, 75 per cent in Antigua PET Plant Ltd and 58 per cent in Dominica Brewery and Beverages Ltd.

Royal Unibrew and CND also entered an agreement for license production of Royal Unibrew's malt drink Vitamalt, which will result in the product gaining ground in the region.

The transaction is subject to approval by the government in Antigua and Barbuda and is expected to be finalised no later than February next year.

Source: Caribbean 360

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