Milco has been formed by a consortium of international investors led by Israel’s Central Bottling Company (CBC). Post-transaction, Milco would be owned 60percent by CBC, 15 percent by Brimstone, 11 percent by Ploughshare Investment, 8percent by IncuBev and 6percent by Clover management, who would reinvest a substantial portion of the proceeds from the sale of their Clover shares and share options into Milco.
However, protests by a pro-Palestinian activist group Boycott Divestment Sanctions South Africa has made Brimstone to review its participation in the consortium.
Chief executive Johann Vorster said Clover was not in the position to determine the make-up of the shareholders in the consortium.
“The shareholders will vote on the deal on March 29. It is exciting to see the interest in Clover as this is testament to what we have achieved to reposition the business and enhance its value. The Milco transaction will follow due process and is in shareholders hands now. For us it is business as usual to ensure we continue to deliver against our strategy,” Vorster said.