NamBrew’s share price skyrockets further

Jo-Maré Duddy - The share price of Namibia Breweries Ltd jumped to N$51.00 a shot on the Namibian Stock Exchange (NSX) today.
Since Dutch beer giant Heineken N.V. on Monday announced its intention to acquire the majority shareholding in NBL, the locally-listed NamBrew’s share price has increased by 47.3% or N$16.38 per share.
On Monday the share price rose from N$34.62 per share to N$42.00 and today it climbed to N$51.00.
NamBrew’s total market capitalisation now stands at N$10.533 billion compared to N$7.15 billion on Friday – an increase of N$3.383 billion.
That makes NamBrew the biggest company on the Local Index by far. FirstRand Namibia is second with a market capitalisation of N$7.894 billion.
Cirrus Capital has attributed the share price spike to Heineken N.V.’s announcement that it also intends buying NamBrew’s 25% stake in Heineken SA. NamBrew will net about N$5.4 billion or N$26.35 per share for this transaction, which will be paid out as a special dividend to shareholders immediately on receipt of the proceeds.