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AB InBev Revised Dividend Timetable
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev” or the “Company”)
AB InBev Revised Dividend Timetable
Anheuser-Busch InBev (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH) (“AB InBev” or the “Company”)
announced today that it is revising its proposal to pay a final 2019 dividend of EUR 1.00 per share to a proposal to pay
a final 2019 dividend of EUR 0.50 per share and is rescheduling the ordinary and extraordinary shareholders’ meeting
that was to be held on 29 April 2020 to 3 June 2020, in accordance with the Belgian royal decree n°4 of 9 April 2020.
The timeline relating to the payment of the proposed final 2019 dividend will be as follows:
DIVIDEND
The board of directors of AB InBev has proposed a final dividend of €0.50 per share (the “Dividend”), subject to obtaining
approval by the shareholders of the Company at the Annual General meeting to be held on Wednesday, 3 June 2020.
When combined with the interim dividend of €0.80 per share paid in November 2019, the total dividend for the financial
year ended 31 December 2019 amounts to €1.30 per share.
The proposed timetable for the Dividend is as follows:
2020
Dividend declaration announcement released on SENS Tuesday, 14 April
Annual General Meeting of shareholders to approve the Dividend Wednesday, 3 June
Currency conversion announcement released on SENS (by 11h00 SA time) Monday, 8 June
Last day to trade on Johannesburg Stock Exchange (JSE) to qualify for the Dividend Tuesday, 9 June
Ex-Dividend on Euronext from commencement of trading on Tuesday, 9 June
Ex-Dividend on JSE from commencement of trading on Wednesday, 10 June
Record date (Euronext) Wednesday, 10 June
Dividend payable (Euronext) Thursday, 11 June
Record date (JSE) Friday, 12 June
Dividend payable (JSE) Monday, 15 June
Additional information required by the JSE Listings Requirements
1. No transfers of shareholdings to and from South Africa will be permitted between Tuesday, 9 June 2020 and Friday,
12 June 2020 (both dates inclusive). No dematerialisation or rematerialisation orders will be permitted between
Wednesday, 10 June 2020 and Friday, 12 June 2020 (both dates inclusive).
2. The gross amount of the Dividend will be subject to a Belgian withholding tax of 30%. Such withholding tax may be
reduced to 15% in terms of the double tax treaty in force between Belgium and South Africa. A rebate of the
additional Belgian withholding tax imposed must be claimed in accordance with the relevant reimbursement
process noted below. The Dividend will also be subject to South African dividends tax at the rate of 20%, unless a
shareholder qualifies for an exemption. Any shareholder who receives a dividend which is subject to South African
dividends tax (i.e. where no exemption is available) will qualify for a 15% reduction in dividends tax. The ultimate
result in such a case is that a dividend will be subject to a reduced Belgian withholding tax rate of 15% and subject
to South African dividends tax at a rate of 5%.
3. At Tuesday, 14 April 2020, being the declaration announcement date of the Dividend, the Company had a total of
1,979,363,742 shares in issue (excluding treasury shares). The Company held 39,878,231 ordinary shares in
treasury giving a total issued share capital of 2,019,241,973 shares (of which 1,693,242,156 ordinary shares are
listed and 325,999,817 restricted shares are unlisted).
4. The Dividend will be paid out of the Company’s operating results for 2019, increased with the profits carried over,
without drawing on any capital reserves.
5. The Dividend is payable in South African Rand to shareholders whose shares are held through Central Securities
Participants and brokers traded on the JSE.
South African income tax and dividends tax consequences
The Dividend should be regarded as a ‘foreign dividend’ for South African income tax and South African dividends tax
purposes.
Foreign dividends received in respect of shares which are dual-listed on the JSE are, however, exempt from income
tax. Consequently, no South African income tax should be incurred by the shareholders in respect of the Dividend
received.
The Dividend may, however, be subject to South African dividends tax at 20%. There is though, amongst others, an
exemption from South African dividends tax if the Dividend is paid to a South African resident corporate shareholder.
This exemption operates in a manner similar to other local shares listed on the JSE and the dividends paid in respect
thereof to resident corporate shareholders and retirement funds. Intermediaries may only allow an exemption from South
African dividends tax, provided shareholders have completed and lodged a valid exemption form, which is obtainable
from their intermediary.
Belgian withholding tax
The gross amount of the Dividend will as a rule be subject to a Belgian withholding tax of 30%. Such withholding tax
can under certain circumstances be reduced.
Belgian dividend withholding tax can be reduced to 15% pursuant to the Belgian-South African double tax treaty in force.
Such reduced rate can be applied provided that Form N°/NR. 276 Div.-Aut. is filed by the shareholder with the Bureau
Central de Taxation de Bruxelles-Etranger, boulevard du Jardin Botanique 50 boîte 3429, 1000 Brussels, Belgium
(hereinafter the “Central Bureau of Taxation”) before the expiry of a period of five years from January 1st of the year in
which the withholding tax was paid, in which case the differential between the standard withholding tax rate of 30% and
the reduced treaty rate of 15% will be reimbursed.
An explanatory note is available through this link, or through the Belgian Tax authorities’ official website:
https://eservices.minfin.fgov.be/mym-api-rest/finform/pdf/2575
The current version of Form N°/NR. 276 Div.-Aut. is available through this link, or through the Belgian Tax authorities’
official website:
https://eservices.minfin.fgov.be/mym-api-rest/finform/pdf/2599
A Belgian withholding tax exemption is also applicable to dividends paid to South African corporate shareholders that
hold a participation of less than 10% in the capital of AB InBev but with an acquisition value of at least €2.5 million. This
regime is subject to the cumulative conditions that (i) the company is treated as a body corporate for tax purposes in
the meaning of Article 3, 1), d) of the Double Tax Treaty between Belgium and South Africa and has a legal form
considered similar to the ones listed in Annex I, Part A, to the Council Directive 2011/96/EU of 30 November 2011 on
the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States,
as amended by Directive 2014/863/EU of 8 July 2014; (ii) it is subject to corporate income tax or a similar tax without
benefiting from a tax regime that deviates from the ordinary domestic tax regime; (iii) the dividends relate to AB InBev
shares which it has held or will hold in full legal ownership for an uninterrupted period of at least one year; and (iv) it
cannot in principle credit the Belgian withholding tax paid on the AB InBev dividends or obtain a refund thereof according
to the legal provisions in force on December 31 of the year preceding the year of the payment or attribution of the
dividends.
In order to benefit from this reduced withholding tax, the shareholder must provide the Central Bureau of Taxation with
a South African residency certificate confirming that it fulfils the abovementioned conditions and indicating to what extent
the Belgian withholding tax is in principle creditable or reimbursable on the basis of the South African laws applicable
on 31 December of the year preceding the one during which the Dividend is paid or attributed.
South African dividends tax rebate in respect of Belgian withholding tax
A rebate must, for South African dividends tax purposes, be deducted from any South African dividends tax payable in
respect of the Dividend (i.e. where no exemption is available). This rebate will be equal to the amount of any Belgian
withholding tax paid in respect of the Dividend, without any right of recovery, and must not exceed the amount of the
South African dividends tax imposed in respect of the Dividend.
The CSDPs and/or brokers, in their capacity as the regulated intermediaries, must obtain proof of any Belgian
withholding tax paid and deducted from the South African tax payable, as above, in the form and manner prescribed by
the South African Revenue Service.
For the avoidance of doubt, the income tax and dividends tax information provided above is only relevant to shareholders
whose shares are held through CSDPs and brokers and are traded on the JSE.
Any shareholder who is in any doubt as to their tax position should seek independent professional advice.
14 April 2020
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
Date: 14-04-2020 09:11:00
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