Dutch brewing force, Heineken, has made a £287m bid for the Egyptian brewer and drinks company, Al Ahram Beverages Co., known as ABC. The offer, which has the full backing of the ABC board, is equivalent to $14 a share.
ABC, which is listed on both the Cairo and London Stock Exchanges, had a net profit of $22.8m in 2001 on sales of $105m. In addition to beer production in the region of 430,000 hls annually, ABC is also involved in the wine, soft drinks and non-alcoholic malt beverage sectors. According to Heineken, its wineries, producing the Gianaclis and Oblisque brands, account for 85% of the domestic market.
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