SABMiller is preparing to spend up to US$30m on minority shares in two of its Panamanian subsidiaries.

The brewer said today (31 July) that it has begun tender offers for the remaining shares it does not yet own in Cerveceria Nacional and Refrescos Nacionales. The offer periods for the two purchases started on Sunday, and expire on 27 September.

The cash offers equate to $22 per share in Cerveceria Nacional and $10.50 for Refrescos Nacionales.

The effective minority interests in Cerveceria Nacional and Refrescos Nacionales are 8.4% and 1.9% respectively, SABMiller noted.

Cerveceria Nacional has one brewery in the country with a bottling capacity of 1.6m hectolitres. Refrescos Nacionales is in effect a subsidiary of Cerveceria Nacional, and bottles Coca-Cola products.