DURBAN – Anheuser-Busch InBev (AB InBev) subsidiary, Budweiser Brewing Company Apac, has raised $750 million (R11.47 billion), in addition to the $5bn it managed to pull off last week in the initial public offering (IPO).
The group said on Thursday that investors fully exercised an over-allotment option in connection with the IPO of a minority stake of its Asia Pacific subsidiary by selling extra 217.76 million shares.
“Such shares represent approximately 15 percent of the total number of the offer shares finally available under the initial public offering before any exercise of the over-allotment option,” the group said. The shares were sold for HK$27 (R52.66) each.
AB InBev intends to apply all of the net proceeds from the offering to repay its huge debt, part of which emanated from its acquisition of SABMiller for $100bn in October 2016.
The group said upon the full exercise of the over-allotment option, it would control 87.22 percent of the issued share capital of Budweiser Apac.