Quality Beverages Limited made an offer to acquire Soap & Allied Industries Limited for MUR 77.3 million on September 19, 2023. The shares will be purchased at MUR 17.20 per share. The transaction is subject to regulatory approval and acceptances of at least 50% of the voting rights of Soap & Allied Industries Limited and confirmation of the approval of the bankers of SAIL for the Voluntary Offer for all the Voting Shares of SAIL. The Board of QBL confirms that sufficient financial resources are available to QBL to fund the Voluntary Offer. The transaction has been approved by the Financial Services Commission. The conditional Voluntary Offer is expected to open on October 30, 2023 and close on December 4, 2023. As of October 6, 2023, the offer will open on October 17 and close on November 21, 2023. QBL hereby informs its shareholders, the shareholders of SAIL and the public in general that acceptances representing at least 50% of voting rights of SAIL, and confirmation of the approval of the bankers of SAIL in respect of the Voluntary Offer for all the Voting Shares of SAIL have been duly fulfilled and the Voluntary Offer is now unconditional. On November 3, 2023, QBL received an acceptance form for 3,044,963 shares of SAIL (67.74% stake) held by Currimjee Industries Ltd. As on November 20, 2023, QBL has extended Offer to December 11, 2023, from November 21, 2023 and QBL has obtained approval from the Financial Services Commission for the Extension of its Voluntary Offer.

PricewaterhouseCoopers Ltd acted as accountant to Quality Beverages Limited.

Quality Beverages Limited (MUSE:QBL.I0000) completed the acquisition of a 90.3% stake in Soap & Allied Industries Limited (MUSE:SAIL.I0000) for MUR 69.8 million on December 11, 2023.