It's Tiger time in the Solomon Islands as Asia Pacific Breweries takes over Solomon Breweries for S$22mn

It's the only brewer in the islands too.

Asia Pacific Breweries Limited (APB) on Monday announced the completion of the acquisition of 97.69% of the share capital of Solomon Breweries Limited (Solomon Breweries), from the Solomon Islands, for approximately S$21.5 million.

On the acquisition, Mr Roland Pirmez, Chief Executive Officer, APB said, “Solomon Breweries is a strategic fit to the APB Group as it expands our presence in the South Pacific sector of our regional network. It opens a new door of opportunity for us to participate in yet another territory. Solomon Breweries has a good track record of market leadership and profitable growth and will be immediately accretive to APB's earnings."

The only brewer in the Solomon Islands, the 140,000-hectolitre brewery of Solomon Breweries is situated in the capital of Honiara on Guadalcanal, one of the most populated islands amongst the nearly one thousand islands there.

Solomon Breweries is synonymous with local favourites, SB and Solbrew Lager, in the Solomon Islands. Both leading brands enjoy extensive penetration in the market that consumed about 67,000 hectolitres of beer in 2010. Per capita consumption stood at approximately 12 litres and the potential of the beer market is expected to stay positive with the country’s growing population and healthy economy which has been expanding at a compounded annual growth rate of 5.7% from 2006 to 2010, according to an APB report.

“The robust distribution network, popular beer brands and goodwill of Solomon Breweries immediately make APB a leader in this new market and create a new source of earnings for the Group. Apart from an enhanced earnings base, there are regional synergies in cost management and commercial excellence that could be achieved with our operations in neighbouring Papua New Guinea and New Caledonia,” elaborated Mr Pirmez.

Including Solomon Breweries, APB is currently supported by 30 brewery operations in 14 countries in the Asia Pacific region. The diverse footprint of APB now include Singapore, Malaysia, Cambodia, China, Thailand, New Zealand, Laos, Vietnam, Papua New Guinea, Sri Lanka, Mongolia, Indonesia, New Caledonia and the Solomon Islands.

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