Financial Daily from THE HINDU group of publications
Sunday, May 11, 2003
Financial Daily from THE HINDU group of publications Sunday, May 11, 2003 |
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Corporate
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Mergers & Acquisitions McDowell Alcobev no more arm of UB Our Bureau
HYDERABAD, May 10 MCDOWELL Alcobev Ltd (MAL) has ceased to be a subsidiary of United Breweries Ltd (UB), with Scottish & Newcastle Plc (S&N) and Accra Investments Private Ltd (ACCRA) acquiring significant holdings in MAL. In terms of the understanding with UB, S&N and ACCRA of late, MAL has issued further equity shares to these three companies, which were subscribed to by them. In a communication to stock exchanges, UB has informed that its post-issue shareholding in MAL stood at 40 per cent, while that of S&N at 40 per cent and ACCRA at 20 per cent. Consequently, MAL has ceased to be the subsidiary of the company, the UB Company Secretary, Mr Govind Iyengar, informed the exchanges.
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