Johannesburg - Anheuser-Busch InBev started trading its shares on the Johannesburg Stock Exchange to become the biggest counter on the bourse as the world’s largest brewer prepares to complete its takeover of SABMiller.
The stock debuted at R1 931 for a market value of R3.1 trillion ($187.4 billion), almost double that of British American Tobacco, which has a market capitalisation of R1.6 trillion. The securities were trading at R1 936 by 10.04am in Johannesburg after rising to as high as R1 943.99 and falling as low as R1 930.
AB InBev listed on Africa’s biggest equity market through a fast-track process that took 21 days to complete since talks first started, JSE Chief Executive Officer Nicky Newton-King said at a conference in Johannesburg.
The secondary listing demonstrates AB InBev’s commitment to South Africa and the rest of the continent, which was critical to the combination with SABMiller, CEO Carlos Brito said. It also paves the way for the listing of the merged company once the transaction is completed, he said.
The Public Investment Corporation is happy with the timing of listing, Dan Matjila, the CEO of the state-owned money manager, said by phone. The PIC is in talks with AB InBev about its concerns over suppliers, especially around agriculture, he said.
BLOOMBERG