SABMiller Acquires Remaining Minority Interest in its Polish Subsidiary – Kompania Piwowarska

SABMiller believes that owning 100% of its largest and most profitable business unit in Europe will be of significant strategic benefit in the medium term.

14/05/09 SABMiller plc announces that it has agreed to acquire the outstanding 28.1% minority interest in its Polish subsidiary, Kompania Piwowarska S.A., from Kulczyk Holding S.A. in exchange for 60 million new SABMiller shares. Following completion of the transaction, SABMiller will own 100% of Kompania Piwowarska. Based upon SABMiller's closing share price of £12.20 on Wednesday 13 May 2009, the implied value of the consideration is US$1,110i million.

Following completion of the transaction, Kulczyk Holding will hold approximately 3.8% of the issued share capital of SABMiller. Kulczyk Holding has agreed to restrictions on the disposal of its shares for a three year period, with a limited number of shares eligible for disposal in each year. Any disposals will be subject to orderly market arrangements. The transaction is subject to admission to listing of the SABMiller shares.

SABMiller believes that owning 100% of its largest and most profitable business unit in Europe will be of significant strategic benefit in the medium term. In the current financial year, the transaction is expected to have no material impact on earnings per share on a pro formaii basis.

Graham Mackay, Chief Executive of SABMiller, said; "We are pleased to be able to take our interest in Kompania Piwowarska to 100%. Over the past 10 years the business has consistently delivered exceptional performance, growing market share from 15% in 1999 to 43% today, through the development of the country's most successful beer brand portfolio. It remains well placed to continue building on this leadership position in the Polish market. Over the years we have enjoyed a positive relationship with Kulczyk Holding and we are pleased that they have decided to take a shareholding in SABMiller."

SABMiller has operated in Poland since 1995 when it acquired a majority stake in Lech Browary Wielkopolski S.A. (Lech Brewery), followed by the acquisition of Browary Tyskie Gorny Slask S.A. (Tyskie Brewery) in 1996.  Kompania Piwowarska was established in 1999 as a result of the merger of the Lech and Tyskie Breweries.  Kompania Piwowarska is currently the largest brewer in Poland with a market share of approximately 43% and volumes of 15.1 million hectolitres.