South Africa: PIC to buy AB InBev’s stake in Distell

South African investment fund Public Investment Corporation (PIC) has agreed to purchase world leading brewer AB InBev’s entire indirect stake in alcoholic drinks firm Distell. The stake comprises 58,000,000 shares or 26.4% of the company, which would go to PIC for an undisclosed amount.

The sale of the stake was a condition of regulatory approval in South Africa for AB InBev’s takeover of rival brewer SABMiller.

Distell is a multinational brewing company based in Stellenbosch, South Africa. The company produces a number of alcoholic beverages such as spirits, fine wines, ciders and RTD drinks. Distell operates brands including Obikwa wines, Bain’s whisky and Savanna cider.

PIC is an investment company based in South Africa and wholly owned by the government. The company focuses on financial services and is tasked with overseeing the government’s pension fund.

Source: AB InBev