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ANHEUSER-BUSCH INBEV SA/NV - Unwind of current SAB Zenzele B-BBEE Transaction and Implementation of new SAB Zenzele Kabili B-BBEE Transaction

Release Date: 07/04/2021 17:31
Code(s): ANH     PDF:  
Wrap Text
Unwind of current SAB Zenzele B-BBEE Transaction and Implementation of new SAB Zenzele Kabili B-BBEE Transaction

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”)


DETAILED TERMS ANNOUNCEMENT RELATING TO THE UNWIND OF THE CURRENT SAB
ZENZELE BROAD-BASED BLACK ECONOMIC EMPOWERMENT OWNERSHIP TRANSACTION
AND IMPLEMENTATION OF THE NEW SAB ZENZELE KABILI BROAD-BASED BLACK
ECONOMIC EMPOWERMENT OWNERSHIP TRANSACTION


Highlights
•    The current SAB Zenzele transaction unwind will have delivered R9.7 billion to participants, being
     the highest BEE value creation in the FMCG industry
•    SAB Zenzele retailer shareholders who invested R100 in 2010 will have received a total pre-tax
     and pre-costs pay-out of c.R77,000 when the transaction unwinds, which is anticipated to be
     shortly after 28 May 2021
•    A new BEE ownership transaction will be implemented through a new company called SAB
     Zenzele Kabili that will own R5.4 billion worth of AB InBev shares
•    SAB Zenzele Kabili will be listed on the BEE Segment of the JSE to facilitate liquidity and broaden
     ownership to other BEE investors, including qualifying SAB employees through a new ESOP
•    There will be substantial facilitation from SAB through discounted shares and vendor funding of a
     minimum term of 10 years
•    The transaction will be leveraged through vendor preference share funding at a highly cost-
     effective funding rate of 70% of prime


1.   INTRODUCTION AND BACKGROUND

     In 2010, SABMiller plc (through its South African subsidiary, SAB) implemented a BEE ownership
     transaction known as SAB Zenzele (“Existing Empowerment Transaction”). Amongst other
     things, the Existing Empowerment Transaction involved SAB issuing:

        •   approximately 3.52% of its total issued shares to SAB Zenzele Holdings Limited (“SAB
            Zenzele”), which in turn offered to issue ordinary shares in the share capital of SAB
            Zenzele to qualifying black people who were, at the time, retail liquor license holders,
            retail liquor license applicants or registered customers of Amalgamated Beverage
            Industries, which was at the time the soft drinks division of SAB (“SAB Zenzele Retailer
            Shareholders”);
        •   approximately 3.39% of its total issued shares to The SAB Zenzele Employee Trust
            (“Original ESOP”), which held such shares for the benefit of certain qualifying employees
            of SAB, its subsidiaries and associated companies; and
        •   approximately 1.54% of its total issued shares to The SAB Foundation.

     The Existing Empowerment Transaction was due to unwind shortly after the originally envisaged
     scheme maturity date, namely 31 March 2020, in accordance with the amended agreements
     entered into between the parties thereto following the combination of SABMiller plc and
     Anheuser-Busch InBev SA/BV (“AB InBev”) in 2016. Participants in the Existing Empowerment
     Transaction would have received R9.7 billion worth of ordinary shares in the share capital of AB
     InBev (“AB InBev Shares”), or the cash proceeds from the disposal of such AB InBev Shares
     (less associated taxes and costs), as determined in accordance with the formula set out in the
     aforementioned agreements.

     Details of the unwind of the Existing Empowerment Transaction and the implementation of a new
     R5.4 billion BEE ownership transaction (“New Empowerment Transaction”) were originally
     announced on SENS on Monday, 17 February 2020 and a circular was posted to SAB Zenzele
     Retailer Shareholders on Wednesday, 19 February 2020 (“Original Circular”).

     As a result of the COVID-19 pandemic, the unwind of the Existing Empowerment Transaction in
     respect of the SAB Zenzele Retailer Shareholders and the implementation of the New
     Empowerment Transaction was indefinitely postponed. The independent board of directors of
     SAB Zenzele (“Independent Board”) recognised that the postponement would have a significant
     impact on the then anticipated cash flows of SAB Zenzele Retailer Shareholders, which had been
     exacerbated by the COVID-19 pandemic and related factors. The Independent Board, together
     with SAB, resolved that each SAB Zenzele Retailer Shareholder would be paid a cash amount
     (in the form of a special dividend) equal to 77.4% of the economic net value of the right and
     entitlement of each SAB Zenzele Retailer Shareholder to receive AB InBev Shares pursuant to
     the unwind of the Existing Empowerment Transaction as at Tuesday, 31 March 2020 (“Original
     Entitlements”), less applicable costs and taxes (“Partial Payment”). The Partial Payment was
     made on Wednesday, 15 April 2020, in consideration for the renunciation by each SAB Zenzele
     Retailer Shareholder of 77.4% of its Original Entitlements (“Renounced Entitlements”) which
     was effected by way of certain amendments to SAB’s memorandum of incorporation, including a
     proportional reduction of the guaranteed floor value set out therein.

     The remaining 22.6% of each SAB Zenzele Retailer Shareholder’s Original Entitlements (being
     the Original Entitlements remaining after the Renounced Entitlements were paid) equates to the
     aggregate of (i) 15% of the Original Entitlements (equal in value to the entitlements which would
     have been ceded under the scheme of arrangement contemplated in the Original Circular, if
     approved) and (ii) the maximum amount that could have been reinvested by each SAB Zenzele
     Retailer Shareholder pursuant to the reinvestment offer contemplated in the original prospectus
     which was issued by SAB Zenzele Kabili to certain qualifying investors dated 19 February 2020
     (collectively, “Retailer Settlement Entitlements”).

     The Existing Empowerment Transaction unwound in the ordinary course insofar as it related to
     the Original ESOP and The SAB Foundation and payment in this regard was made on
     Wednesday, 15 April 2020.

2.   HIGH-LEVEL SUMMARY OF THE PROPOSED NEW EMPOWERMENT TRANSACTION

     SAB has received consistent feedback from the SAB Zenzele Retailer Shareholders that they
     wish to be provided with an opportunity to reinvest some or all of the Retailer Settlement
     Entitlements to which they will be entitled on the unwind of the Existing Empowerment
     Transaction.

     Accordingly, AB InBev and SAB together with the board of directors of SAB Zenzele ("SAB
     Zenzele Board") have explored options to make such a reinvestment opportunity available to
     SAB Zenzele Retailer Shareholders. As a result, it was decided that:

         •   the Existing Empowerment Transaction will unwind in the ordinary course in accordance
             with its terms, namely: (i) the SAB Zenzele Shares of each SAB Zenzele Retailer
             Shareholder will be transferred to SAB; and (ii) in exchange, each SAB Zenzele Retailer
             Shareholder will be entitled to its Retailer Settlement Entitlement; and
         •   in conjunction with the unwind of the Existing Empowerment Transaction and to afford
             SAB Zenzele Retailer Shareholders the opportunity to reinvest all (or a portion) of their
             Retailer Settlement Entitlements, AB InBev is proposing the implementation of the New
             Empowerment Transaction through a new company called SAB Zenzele Kabili.
             Participants in the New Empowerment Transaction would include the SAB Zenzele
             Retailer Shareholders, The SAB Foundation and qualifying employees of SAB through a
             new employment share option plan (“New ESOP”).

     The SAB Zenzele Board has resolved that the most efficient and effective way to facilitate the
     principal reinvestment by the c.29,000 SAB Zenzele Retailer Shareholders in the New
     Empowerment Transaction, is through a scheme of arrangement in terms of section 114 of the
     Companies Act, No 71 of 2008, as amended (“Companies Act”), (“SAB Zenzele Scheme”), to
     be proposed between SAB Zenzele and the SAB Zenzele Retailer Shareholders.

     SAB Zenzele has accordingly concluded a transaction implementation agreement with, amongst
     others, AB InBev, SAB and SAB Zenzele Kabili, setting out the terms and conditions on which
     the New Empowerment Transaction will be implemented.

     The SAB Zenzele Scheme constitutes an “affected transaction” as defined in section 117(1)(c)(iii)
     of the Companies Act, and as such, the SAB Zenzele Scheme is regulated by the Companies Act
     and applicable Takeover Regulations (contained in Chapter 5 of the Companies Regulations,
     2011) (“Takeover Regulations”).

     In connection with proposing the SAB Zenzele Scheme and convening the relevant shareholders’
     meeting to adopt the special resolutions required to implement the SAB Zenzele Scheme
     (“Shareholders’ Meeting”), SAB Zenzele has prepared a circular to its shareholders in
     accordance with the relevant disclosure requirements under the Companies Act and the
     applicable Takeover Regulations, which circular incorporates a notice convening the relevant
     Shareholders’ Meeting for purposes of proposing for approval the relevant resolutions required
     to implement the SAB Zenzele Scheme, and providing the SAB Zenzele Retailer Shareholders
     with the necessary statutorily required information regarding the SAB Zenzele Scheme (“SAB
     Zenzele Scheme Circular”). The SAB Zenzele Scheme Circular will be posted to SAB Zenzele
     Retailer Shareholders on or about Thursday, 8 April 2021, and will also be available at
     https://www.investecsps.co.za/.

     If the SAB Zenzele Scheme becomes operative, each SAB Zenzele Retailer Shareholder will
     have ceded 63.5% of its Retailer Settlement Entitlements ("Scheme Entitlements") to SAB
     Zenzele Kabili in exchange for ordinary shares in the share capital of SAB Zenzele Kabili (“SAB
     Zenzele Kabili Ordinary Shares”) of proportional value (“Scheme Consideration”).

     In addition, SAB Zenzele Kabili will make an offer to SAB Zenzele Retailer Shareholders to
     reinvest all or a further portion of the AB InBev Shares representing their Retailer Settlement
     Entitlements (subject to certain parameters described below and, after taking into account the
     63.5% of the Retailer Settlement Entitlements reinvested through the SAB Zenzele Scheme
     (being the Scheme Entitlements), into SAB Zenzele Kabili (“Reinvestment Offer”) in exchange
     for further SAB Zenzele Kabili Ordinary Shares of proportional value.

     Simultaneously with, or shortly after the implementation of the SAB Zenzele Scheme, SAB
     Zenzele Kabili will be listed on the BEE Segment of the JSE, to create liquidity and allow trading
     of SAB Zenzele Kabili Ordinary Shares by the SAB Zenzele Retailer Shareholders from the outset
     with other BEE investors (“BEE Listing”).

     In connection with the Reinvestment Offer and the BEE Listing, SAB Zenzele Kabili has prepared
     a prospectus in compliance with the applicable substance and form requirements for a prospectus
     set out in the Companies Act and the Companies Regulations, 2011 and applicable pre-listing
     statement requirements of the JSE Limited (“JSE Listings Requirements”) (“SAB Zenzele
     Kabili Prospectus”).

3.   SALIENT DETAILS OF THE UNWIND OF THE EXISTING EMPOWERMENT TRANSACTION

     If the SAB Zenzele Scheme becomes operative, SAB Zenzele Retailer Shareholders will have
     the opportunity to reinvest all or a portion of their Retailer Settlement Entitlements into SAB
     Zenzele Kabili, subject to certain parameters described below. In respect of the AB InBev Shares
     representing their remaining Retailer Settlement Entitlements (after taking into account any
     portion thereof which is ceded to SAB Zenzele Kabili pursuant to the SAB Zenzele Scheme
     and/or the Reinvestment Offer) (“Remaining Retailer Settlement Entitlements”), each SAB
     Zenzele Retailer Shareholder will be entitled to elect to be settled as follows (“Settlement
     Election”):

       •    cash, whereby their Remaining Retailer Settlement Entitlements will be sold on their behalf
            and they will receive the cash proceeds arising from such sale, less associated taxes and
            costs (“Sale Proceeds Settlement”); and/or
       •    AB InBev Shares, whereby the Remaining Retailer Settlement Entitlements will be settled
            in AB InBev Shares (“AB InBev Shares Settlement”).

      The SAB Zenzele Board wishes to draw to the attention of the SAB Zenzele Retailer
      Shareholders that their right to receive the Sale Proceeds Settlement and/or the AB InBev
      Shares Settlement (depending on their election) upon unwind of the Existing Empowerment
      Transaction is not conditional on the approval of the SAB Zenzele Scheme, save that if the
      relevant resolutions are not approved, SAB Zenzele Retailer Shareholders who are entitled to
      less than 100 AB InBev Shares upon the unwind of the Existing Empowerment Transaction will,
      consistent with the current memorandum of incorporation of SAB Zenzele (“SAB Zenzele MOI”),
      be deemed to have elected the Sale Proceeds Settlement.

      Although the entitlement to the AB InBev Shares upon the unwind of the Existing Empowerment
      Transaction (and by necessary extension the Settlement Election) is not conditional on the SAB
      Zenzele Scheme becoming operative, the value of the AB InBev Shares that each SAB Zenzele
      Retailer Shareholder is entitled to is contingent on the SAB Zenzele Scheme and the
      Reinvestment Offer. Accordingly, the following two scenarios will impact on how the Settlement
      Election is applicable to an SAB Zenzele Retailer Shareholder:

      I.       if the SAB Zenzele Scheme is approved and the New Empowerment Transaction, which
               includes the Reinvestment Offer, is implemented:
               •   Each SAB Zenzele Retailer Shareholder's Scheme Entitlement (being 63.5% of its
                   Retailer Settlement Entitlement) will be automatically ceded to SAB Zenzele Kabili
                   under the SAB Zenzele Scheme and such SAB Zenzele Retailer Shareholder will be
                   left with AB InBev Shares representing 36.5% of its Retailer Settlement Entitlement,
                   minus whatever portion thereof it elects to reinvest into SAB Zenzele Kabili under the
                   Reinvestment Offer (if any);
      II.      if the SAB Zenzele Scheme is not approved and the New Empowerment Transaction, which
               includes the Reinvestment Offer, is not implemented:
               •   The Existing Empowerment Transaction will unwind in accordance with its terms. In
                   particular, each SAB Zenzele Retailer Shareholder will receive the full Retailer
                   Settlement Entitlement that it is entitled to receive under the Existing Empowerment
                   Transaction (in accordance with its Settlement Election) and it will not have the
                   opportunity to reinvest all or part of its Retailer Settlement Entitlement in the New
                   Empowerment Transaction.
               •   For the avoidance of doubt, consistent with the terms of the SAB Zenzele MOI, if the
                   relevant shareholder resolutions are not approved, an SAB Zenzele Retailer
                   Shareholder who is entitled to less than 100 AB InBev Shares on the unwind of the
                   Existing Empowerment Transaction shall only be entitled to receive the cash proceeds
                   (less associated taxes and costs) arising from a sale of those AB InBev Shares on their
                   behalf pursuant to the unwind of the Existing Empowerment Transaction.

4.   SALIENT DETAILS OF THE NEW EMPOWERMENT TRANSACTION

4.1   SUMMARY OF KEY ELEMENTS
      AB InBev and SAB intend to implement the New Empowerment Transaction, subject to the
      SAB Zenzele Scheme becoming operative, through the establishment of SAB Zenzele Kabili,
      by means of the following key elements:
      •   each SAB Zenzele Retailer Shareholder will reinvest its Scheme Entitlement (being 63.5%
          of their full Retailer Settlement Entitlement) into SAB Zenzele Kabili in exchange for SAB
          Zenzele Kabili Ordinary Shares of proportional value in terms of the SAB Zenzele Scheme,
          as described in greater detail in paragraph 4.2 below;
      •   SAB Zenzele Retailer Shareholders will have the option to reinvest all or a portion of their
          Remaining Retailer Settlement Entitlements (subject to certain parameters described
          below) into SAB Zenzele Kabili in exchange for SAB Zenzele Kabili Ordinary Shares of
          proportional value, in terms of the Reinvestment Offer described in greater detail in
          paragraph 4.3 below;
      •   SAB will contribute the equivalent of R600 million worth of AB InBev Shares to SAB
          Zenzele Kabili on behalf of the New ESOP. In addition, the New ESOP will sell the
          equivalent of R120 million worth of AB InBev Shares and use the proceeds to acquire SAB
          Zenzele Kabili Ordinary Shares from those SAB Zenzele Retailer Shareholders who voted
          against the SAB Zenzele Scheme and wish to dispose of their SAB Zenzele Kabili Ordinary
          Shares or, failing that, to acquire further SAB Zenzele Kabili Ordinary Shares in the market;
      •   The SAB Foundation has committed to reinvest into SAB Zenzele Kabili up to R400 million
          in cash, of which R344 million will be used upon listing to acquire SAB Zenzele Kabili
          Ordinary Shares. The balance will be used to acquire SAB Zenzele Kabili Ordinary Shares
          from SAB Zenzele Retailer Shareholders who voted against the SAB Zenzele Scheme
          and wish to dispose of their SAB Zenzele Kabili Ordinary Shares or, failing that, to acquire
          additional SAB Zenzele Kabili Ordinary Shares in the market;
      •   SAB will contribute the equivalent of R2 973 million worth of AB InBev Shares to SAB
          Zenzele Kabili, and in return SAB Zenzele Kabili will issue preference shares to SAB,
          representing vendor funding of R2 973 million; and
      •   SAB will contribute the equivalent of R811 million worth of AB InBev Shares at no further
          cost to SAB Zenzele Kabili (“Discount Shares”) to further enhance the capital structure
          of SAB Zenzele Kabili.

      SAB Zenzele Kabili has sufficient authorised but unissued SAB Zenzele Kabili Ordinary
      Shares to settle the various components of the New Empowerment Transaction as described
      above.

4.2   THE SAB ZENZELE SCHEME

      In terms of the SAB Zenzele Scheme, SAB Zenzele Kabili as offeror, will acquire the Scheme
      Entitlements (being 63.5% of the full Settlement Entitlements) from the SAB Zenzele Retailer
      Shareholders for the Scheme Consideration. The operation of the SAB Zenzele Scheme is
      subject to the fulfillment or, where appropriate, waiver, of the conditions precedent as
      described in paragraph 6.1 below.
 
      If the SAB Zenzele Scheme becomes operative it will be binding on all the SAB Zenzele
      Retailer Shareholders (irrespective of whether an SAB Zenzele Retailer Shareholder voted in
      favour of the Scheme or not) and:

      •   each SAB Zenzele Retailer Shareholder will be deemed, with effect from the
          implementation date of the SAB Zenzele Scheme, to have ceded its Scheme
          Entitlements, free and clear of encumbrances, to SAB Zenzele Kabili;
      •   SAB Zenzele Kabili will be deemed to have acquired all the Scheme Entitlements (and
          the registered and beneficial ownership of the AB InBev Shares underlying the Scheme
          Entitlements) without any further act or instrument being required, for the Scheme
          Consideration; and
      •   each SAB Zenzele Retailer Shareholder who will have become entitled to less than 100
          AB InBev Shares upon the unwind of the Existing Empowerment Transaction and
          consequently will have received a cash settlement pursuant to the sale of such AB InBev
          Shares on their behalf in accordance with the transaction terms will be deemed, with effect
          from the implementation date of the SAB Zenzele Scheme, to have waived its rights to be
          cash settled and shall be deemed to have consented to a settlement pursuant to the terms
          of the SAB Zenzele Scheme.

      In consideration for the cession of the Scheme Entitlements, each SAB Zenzele Retailer
      Shareholder will be entitled to receive the Scheme Consideration (being such number of SAB
      Zenzele Kabili Ordinary Shares as are proportional to the Scheme Entitlements ceded by such
      SAB Zenzele Retailer Shareholders to SAB Zenzele Kabili under the SAB Zenzele Scheme),
      subject to the terms and conditions of the SAB Zenzele Scheme Circular.

      SAB Zenzele Retailer Shareholders are advised to refer to the SAB Zenzele Scheme Circular
      for the full terms and conditions of the SAB Zenzele Scheme.

4.3   THE REINVESTMENT OFFER AND BEE LISTING
 
      In the event that the SAB Zenzele Scheme becomes operative, SAB Zenzele Retailer
      Shareholders will have the ability to reinvest all or a portion of their Remaining Retailer
      Settlement Entitlements (subject to certain parameters described below) into SAB Zenzele
      Kabili in exchange for additional SAB Zenzele Kabili Ordinary Shares of proportional value
      pursuant to the Reinvestment Offer.

      The number of SAB Zenzele Kabili Ordinary Shares being offered by SAB Zenzele Kabili
      pursuant to the Reinvestment Offer is capped at 8.6 million SAB Zenzele Kabili Ordinary
      Shares or an aggregate Rand amount of R344 million. Accordingly, it is possible that an SAB
      Zenzele Retailer Shareholder who applies for SAB Zenzele Kabili Ordinary Shares pursuant
      to the Reinvestment Offer may not be allocated the full number of SAB Zenzele Kabili Ordinary
      Shares that it applied for. Further details of these allocation principles will be set out in the
      SAB Zenzele Kabili Prospectus.
 
      Simultaneously with, or shortly after, implementation of the SAB Zenzele Scheme, SAB
      Zenzele Kabili will be listed on the BEE Segment of the JSE, thereby facilitating trading and
      liquidity for the participants of the New Empowerment Transaction who wish to, and are
      entitled to, trade their SAB Zenzele Kabili Ordinary Shares. In this respect, the JSE has
      granted SAB Zenzele Kabili, subject to the SAB Zenzele Scheme becoming operative, a listing
      on the BEE Segment of the JSE, under share code “SZK”, ISIN code ZAE000284196 and the
      abbreviated name SAB Zenzele Kabili with effect from the commencement of business on
      Friday, 28 May 2021.

      For this purpose, the SAB Zenzele Kabili Prospectus, which provides additional details of the
      New Empowerment Transaction, the Reinvestment Offer and the BEE Listing will be issued
      and sent to SAB Zenzele Retailer Shareholders on 8 April 2021 and will also accompany the
      SAB Zenzele Scheme Circular, which will be posted to SAB Zenzele Retailer Shareholders
      on the same day. The SAB Zenzele Scheme Circular and SAB Zenzele Kabili Prospectus will
      also be available on SAB Zenzele Kabili’s website, https://www.investecsps.co.za/.
 
4.4   FUNDING THE NEW EMPOWERMENT TRANSACTION
 
      The table below sets out the sources and uses of funding to establish the New Empowerment
      Transaction:
   
      Sources of funding                                                                      Rm                     %
      Discount Shares                                                                         811                 15.0
      Equity contribution – SAB Zenzele Retailer Shareholders                                 678                 12.5
      Equity contribution by SAB - New ESOP1                                                  600                 11.1
      Equity contribution – The SAB        Foundation2                                        344                  6.4
      Vendor funding from SAB                                                               2 973                 55.0
      Total                                                                                 5 406                  100
      Uses of funding                                                                          Rm                    %
      AB InBev Shares                                                                       5 406                  100
      Total                                                                                 5 406                  100
  
      Notes:

1.    SAB will make a contribution of R720 million to the New ESOP, of which R600 million will be utilised to acquire
      SAB Zenzele Kabili Ordinary Shares. The balance of the contribution will be used by the New ESOP to: (i) acquire
      SAB Zenzele Kabili Ordinary Shares from SAB Zenzele Retailer Shareholders who voted against the SAB Zenzele
      Scheme and wish to dispose of their SAB Zenzele Kabili Ordinary Shares (if applicable); or (ii) acquire further
      SAB Zenzele Kabili Ordinary Shares in the market; and
2.    The SAB Foundation has committed to reinvest up to R400 million, of which R344 million will be used upon listing
      to acquire SAB Zenzele Kabili Ordinary Shares. The balance will be used to: (i) acquire SAB Zenzele Kabili
      Ordinary Shares from SAB Zenzele Retailer Shareholders who voted against the SAB Zenzele Scheme and wish
      to dispose of their SAB Zenzele Kabili Ordinary Shares; or (ii) acquire further SAB Zenzele Kabili Ordinary Shares
      in the market.

5.   ILLUSTRATIVE EXAMPLE OF THE IMPACT OF THE SAB ZENZELE SCHEME ON SAB
     ZENZELE RETAILER SHAREHOLDERS

     In order to enable SAB Zenzele Retailer Shareholders to assess the impact of the SAB Zenzele
     Scheme and broader participation in the New Empowerment Transaction and understand the
     proportional value to be received pursuant to the SAB Zenzele Scheme and any participation in
     the Reinvestment Offer, the worked example below has been prepared for illustrative purposes
     only.

     The worked examples below illustrate the impact of the SAB Zenzele Scheme on an SAB Zenzele
     Retailer Shareholder that invested R100 or R2 500 in 2010. SAB Zenzele Kabili Ordinary Shares
     will be issued at a subscription price of R40 per share. The number of SAB Zenzele Kabili
     Ordinary Shares to be issued to an SAB Zenzele Retailer Shareholder will be determined by
     dividing the 63.5% Scheme Entitlement by the R40 subscription price.

     The worked examples are based on reasonable assumptions and estimates as set out below.

      Example 1 – SAB Zenzele Retailer Shareholder that invested R100 in 2010

      Before the SAB Zenzele Scheme / if the SAB Zenzele Scheme is unsuccessful

                                                        Sale Proceeds           AB InBev Shares
                                                           Settlement                Settlement

       Amount invested in 2010                                   R100                      R100

       Number of SAB Zenzele Shares
       acquired in 2010                                           317                       317

       Value at unwind date1                                  R77 518                   R77 518
 
       Cash settlement received in
                                                              R59 395                   R59 395
       March 2020

       Retailer Settlement
                                                              R18 123                   R18 123
       Entitlements as at May 2021

       •  Reinvested into SAB Zenzele         0%                   R0                        R0
          Kabili2
       •  Distributed to SAB Zenzele          100%            R18 123                   R18 123
          Retailer Shareholders3

       SAB Zenzele Kabili Ordinary                                  -                         -
       Shares received4

       AB InBev Shares received5                                    -                        19

       Value received                                         R18 123                   R18 123

       •   Value of SAB Zenzele Kabili                             R0                        R0
           Ordinary Shares7
                                                                   R0                   R17 993
       •   Value of AB InBev Shares8

       •   Cash9                                              R18 123                      R130
     


      After the SAB Zenzele Scheme / if the SAB Zenzele Scheme is successful

                                                         Sale Proceeds           AB InBev Shares
                                                            Settlement                Settlement

      Amount invested in 2010                                     R100                      R100
 
      Number of SAB Zenzele Shares
      acquired in 2010                                             317                       317

      Value at unwind date1                                    R77 518                   R77 518   

      Cash settlement received in
                                                               R59 395                   R59 395
      March 2020

      Retailer Settlement                                      R18 123                   R18 123
      Entitlements as at May 2021

      •  Reinvested into SAB             63.5%                 R11 511                   R11 511
         Zenzele Kabili2, 6
      •  Distributed to SAB Zenzele      36.5%                  R6 609                    R6 609
         Retailer Shareholders3
      SAB Zenzele Kabili Ordinary                                  287                       287
      Shares received4

      AB InBev Shares received5                                      -                         6

      Value received                                           R23 863                   R23 863

      •   Value of SAB Zenzele Kabili                          R17 220                   R17 220
          Ordinary Shares7
                                                                    
      •   Value of AB InBev Shares8                                 R0                    R5 682
                                                                
      •   Cash9                                                 R6 643                      R961


     Example 2 – SAB Zenzele Retailer Shareholder that invested R2 500 in 2010

     Before the SAB Zenzele Scheme / If the SAB Zenzele Scheme is unsuccessful

                                                   Sale Proceeds          AB InBev Shares
                                                      Settlement               Settlement

      Amount invested in 2010                             R2 500                   R2 500

      Number of SAB Zenzele Shares
      acquired in 2010                                       634                      634

      Value at unwind date1                             R155 035                 R155 035

      Cash settlement received in                       R118 790                 R118 790
      March 2020

      Retailer Settlement                                R36 245                  R36 245
      Entitlements as at May 2021

      •   Reinvested into SAB Zenzele     0%                  R0                       R0
          Kabili2
      •   Distributed to SAB Zenzele     100%            R36 245                  R36 245
          Retailer Shareholders3
      SAB Zenzele Kabili Ordinary
      Shares received4                                         -                        -

      AB InBev Shares received5                                -                       38

      Value received                                     R36 245                  R36 245

       •    Value of SAB Zenzele Kabili                       R0                       R0
            Ordinary Shares7
                                                              R0                  R35 985
       •    Value of AB InBev Shares8
                                                         R36 245                     R260
       •    Cash9


      After the SAB Zenzele Scheme / If the SAB Zenzele Scheme is successful

                                                                      Sale Proceeds                  AB InBev Shares
                                                                         Settlement                       Settlement

           Amount invested in 2010                                           R2 500                           R2 500

           Number of SAB Zenzele Shares
           acquired in 2010                                                     634                              634

           Value at unwind date1                                           R155 035                         R155 035

           Cash settlement received in                                     R118 790                         R118 790
           March 2020

           Retailer Settlement                                              R36 245                          R36 245
           Entitlements as at May 2021

           •  Reinvested into SAB                        63.5%              R23 027                          R23 027
              Zenzele Kabili2, 6
           •  Distributed to SAB Zenzele                 36.5%              R13 218                          R13 218
              Retailer Shareholders3
           SAB Zenzele Kabili Ordinary
           Shares received4                                                    575                               575

           AB InBev Shares received5                                             -                                13

           Value received                                                   R47 745                          R47 745

           •    Value of SAB Zenzele Kabili                                 R34 500                          R34 500
                Ordinary Shares7
                                                                               
           •    Value of AB InBev Shares8                                        R0                          R12 311
                                                                            
           •    Cash9                                                       R13 245                             R934

Notes and assumptions:

1.   Current unwind value calculated based on the provisions of the Amended and Restated Exchange Agreement between
     SAB, SABMiller, SAB Zenzele, The SAB Foundation, The SAB Zenzele Employee Trust and AB InBev using a fixed price
     of GBP45 per SABMiller share, adjusted for inflation over time and reduced by the: (i) notional funding repaid as per the
     repurchase mechanism, (ii) R625 million upfront special dividend paid in November 2016, (iii) R76 million Distell disposal
     dividend paid in May 2017, (iv) R312 million CCBA disposal dividend paid in December 2017 and (v) R3 499 million payment
     to SAB Zenzele Retailer Shareholders in March 2020.
2.   Current unwind value multiplied by reinvestment percentage.
3.   Current unwind value less reinvestment into SAB Zenzele Kabili. SAB Zenzele Retailer Shareholder given election on how
     the balance of the Retailer Settlement Entitlement is delivered (i.e. cash proceeds of sale of AB InBev Shares on the open
     market or AB InBev Shares).
4.   Reinvested value divided by SAB Zenzele Kabili issue of R40 per share.
5.   Distributed value divided by an assumed AB InBev market value of R947 per share (where applicable).
6.   Regardless of election.
7.  SAB Zenzele Kabili Ordinary Shares received multiplied by SAB Zenzele Kabili net asset value of R60 per share. For every
    R1.00 of equity invested by an SAB Zenzele Retailer Shareholder, SAB will contribute R0.50 in the form of an incentive
    discount.
8.  AB InBev Shares received multiplied by an assumed AB InBev market value of R947 per share.
9.  Unwind value less value of AB InBev Shares received.
10. The above is before taxes and other related transaction costs and expenses.


6.     CONDITIONS PRECEDENT
             
6.1    THE SAB ZENZELE SCHEME
            
       The implementation of the SAB Zenzele Scheme is subject to the fulfilment or, where
       appropriate, waiver of the following conditions (“Scheme Conditions”), which must be fulfilled
       (or deemed fulfilled), or where appropriate, waived, on or before 17:00 on 30 June 2021
       (“Long Stop Date”), (or such later time and/or date as may be agreed in writing between SAB
       and SAB Zenzele (and approved by the Takeover Regulation Panel (“TRP”)) (“Extended
       Long Stop Date”):
       
       I.      the approval of certain amendments to the SAB Zenzele MOI by the requisite majority of
               votes of the SAB Zenzele Retailer Shareholders, as required in terms of section 16(1)(c) of
               the Companies Act, as will be described in more detail in the Notice of Shareholder Meeting
               in the SAB Zenzele Scheme Circular;

       II.     the approval of the Scheme by the requisite majority of votes of the SAB Zenzele Retailer
               Shareholders, as required in terms of section 114(1) and section 115(2)(a) of the
               Companies Act (“Scheme Resolution”), as will be described in more detail in the Notice
               of Shareholder Meeting contained in the SAB Zenzele Scheme Circular;

       III.    the receipt of unconditional approvals, consents or waivers from all applicable regulatory
               authorities as may be required in order to implement the SAB Zenzele Scheme and the
               BEE Listing, including, but not limited to, approvals from the TRP (including the compliance
               certificate to be issued by the TRP in relation to the SAB Zenzele Scheme as required by
               section 115(1)(b) read with section 119(4)(b) and section 121(b) of the Companies Act) and
               the JSE, and, to the extent that any such approvals, consents or waivers are subject to
               conditions, in each case on terms and conditions reasonably satisfactory to SAB Zenzele
               Kabili and SAB Zenzele;

      IV.      the Scheme Resolution not being opposed by 15% or more of the voting rights exercised
               on such resolution; or should the Scheme Resolution be opposed by 15% or more of the
               voting rights exercised on it:
                   a. no person who voted against the Scheme Resolution requiring SAB Zenzele to
                      seek the approval of the Court in terms of section 115(3) of the Companies Act; or
                   b. if a person who voted against the Scheme Resolution requires SAB Zenzele to
                      seek the approval of the Court in terms of section 115(3) of the Companies Act,
                      then:
                              i. the SAB Zenzele Scheme being approved by the Court unconditionally, or
                                 if subject to conditions, the person on whom such conditions are imposed
                                 approves such conditions and undertakes in writing to comply therewith;
                                 and
                              ii. SAB Zenzele not treating the Scheme Resolution as a nullity in terms of
                                  section 115(5)(b) of the Companies Act;

       V.      no leave is granted by the Court, pursuant to section 115(3)(b) of the Companies Act, to
               any person who voted against the Scheme Resolution and who applied to the Court for a
               review of the Scheme;

      VI.      with regard to any SAB Zenzele Retailer Shareholders exercising appraisal rights, within
               the period prescribed under section 164(7) of the Companies Act, no valid demands having
               been received by, or remain capable of being given to, SAB Zenzele in terms of such
               section which in aggregate represent more than 5% of the SAB Zenzele shares in issue;
               and

     VII.      the volume weighted average price of an AB InBev Share traded on the JSE (measured
               over the 3 trading days prior to the date on which all of the Scheme Conditions Precedent,
               other than this Scheme Condition Precedent, have been fulfilled or, where appropriate,
               waived) does not fall below R889.
 
            The Scheme Conditions set out in (I) to (V) above (both inclusive) are not capable of waiver.
            The Scheme Condition set out in (VI) is for the benefit of SAB Zenzele. SAB Zenzele is entitled
            at any time prior to the Long Stop Date, or the Extended Long Stop Date, to waive compliance
            with such Scheme Condition. The Scheme Condition set out in (VII) is for the benefit of SAB
            Zenzele and SAB. SAB Zenzele and SAB are entitled at any time prior to the Long Stop Date,
            or the Extended Long Stop Date, to waive compliance with such Scheme Condition. An
            announcement will be published in the South African press as soon as possible after the
            fulfilment, waiver or non-fulfilment, as the case may be, of the Scheme Conditions.

            For the avoidance of doubt, if the Scheme Conditions are not fulfilled or waived (to the extent
            possible) by the Long Stop Date, or the Extended Long Stop Date, then the SAB Zenzele
            Scheme will not become operative and the New Empowerment Transaction will not proceed.
            Consequently, SAB Zenzele Retailer Shareholders will continue in their present position as
            participants in the Existing Empowerment Scheme, which will unwind in accordance with its
            terms. In particular, SAB Zenzele Retailer Shareholders will receive their full Retailer
            Settlement Entitlement and they will not have the benefit of reinvesting all or part of it as
            contemplated under the New Empowerment Transaction.

6.2    THE NEW EMPOWERMENT TRANSACTION
       
       The implementation of the balance of the New Empowerment Transaction, including the BEE
       Listing, is subject to the suspensive condition that the SAB Zenzele Scheme becomes
       unconditional and operative.

7.     SALIENT DATES AND TIMES
       Set out below are the salient dates and times pertaining to the SAB Zenzele Scheme.
       Reference to ‘Shareholder’ below means SAB Zenzele Retailer Shareholders:

       Last Practicable Date                                                                   Thursday, 1 April

       Posting Record Date for purposes of receiving the SAB Zenzele
       Scheme Circular and SAB Zenzele Kabili Prospectus                                       Thursday, 1 April

       SAB Zenzele Scheme Circular and SAB Zenzele Kabili
       Prospectus posted to Shareholders                                                       Thursday, 8 April

       Notice convening the Shareholders’ Meeting published in the
       South African press                                                                       Friday, 9 April

       Meeting Record Date                                                                      Friday, 30 April

       For administrative purposes, form of proxy (pink) for the
       Shareholders’ Meeting should be received by 10:00 on                                        Friday, 7 May

       Last day for any Shareholder to deliver a written notice to the
       Company objecting to the Scheme Resolution in the Notice of
       Shareholders’ Meeting in accordance with section 164(3) of the
       Companies Act by 10:00 on                                                                 Monday, 10 May

       Shareholders’ Meeting held electronically at 10:00 on                                     Monday, 10 May

       Results of Shareholders’ Meeting published in the South African                          Tuesday, 11 May
       press

       If the Scheme is duly approved by Shareholders at the
       Shareholders’ Meeting:

       Last date for Shareholders who voted against the Scheme at
       the Shareholders’ Meeting to require SAB Zenzele to seek
       Court approval for the Scheme in terms of section 115(3)(a) of
       the Companies Act, if special resolution number 2 (as set out in
       the Notice of Shareholders’ Meeting) in terms of section 115 of
       the Companies Act was opposed by at least 15% of the voting
       rights that were exercised                                                                Monday, 17 May

       Last date for Shareholders who voted against the Scheme
       Resolution at the Shareholders’ Meeting to be granted leave by
       a Court to apply for a review of the Scheme in terms of section
       115(3)(b) of the Companies Act                                                           Monday, 24 May

       Last date for SAB Zenzele to give notice of adoption of the
       Scheme Resolution (in terms of section 115 of the Companies
       Act) approving the Scheme in terms of section 164(4) of the
       Companies Act to Shareholders who delivered written notices to
       the Company objecting to special resolution number 2 (as set
       out in the Notice of Shareholders' Meeting) in accordance with
       section 164 of the Companies Act                                                        Monday, 24 May

       If no Shareholders exercise their rights in terms of section
       115(3) of the Companies Act and all the Conditions 
       Precedent to the Scheme are satisfied:

       Expected date for TRP compliance certificate delivered in terms                       Tuesday, 25 May
       of section 121(b) of the Companies Act

       Election Due Date on which Shareholders must deliver their
       Election Form indicating their Settlement Election to the            
       Company by 12:00 on                                                                  Tuesday, 25 May

       Expected Scheme Record Date, being the date and time on
       which Shareholders must be recorded in the Register to receive    
       the Scheme Consideration, which is expected to be by 17:00 on                        Tuesday, 25 May

       Scheme Implementation Date expected to be                                             Friday, 28 May

       SAB Zenzele Kabili expected to have AB InBev Shares
       (underlying the Scheme Entitlements) credited to its nominated                                          
       dematerialised securities account                                                    Friday, 28 May

       Listing of SAB Zenzele Kabili expected from commencement of                          Friday, 28 May
       trade

       Scheme Participants expected to receive Scheme
       Consideration, being the date on which SAB Zenzele Kabili
       Ordinary Shares (and additional SAB Zenzele Kabili Ordinary
       Shares pursuant to the Reinvestment Offer, if applicable) are
       credited to dematerialised securities accounts opened with the                       Friday, 28 May
       SAB Zenzele Kabili Adminsitrator or their brokerage accounts

       Expected date on which SAB Zenzele Retailer Shareholders
       having elected the Sale Proceeds Settlement, will have their                                                                         
       bank accounts settled                                                              Tuesday, 8 June


Notes:
1.   All times shown in this announcement are South African Standard Time, unless otherwise stated;
2.   The above dates and times are subject to amendment. Any material amendment will be published in the South
     African press;
3.   If the Shareholders’ Meeting is adjourned or postponed, forms of proxy submitted for the Shareholders’
     Meeting will remain valid in respect of any adjournment or postment of the Shareholders’ Meeting, unless the
     contrary is stated on the relevant form of proxy; and
4.   To the extent that a form of proxy is not received by 10:00 on Friday, 7 May 2021, as envisaged in the table
     above, the form of proxy may be handed to the chairperson of the Shareholders’ Meeting, prior to the
     commencement of the meeting.

8.    INDEPENDENT EXPERT REPORT AND INDEPENDENT BOARD RECOMMENDATION

      BDO Corporate Finance Proprietary Limited ("Independent Expert”) has been appointed as the
      independent expert by the SAB Zenzele Board, to assess the terms and conditions of the SAB
      Zenzele Scheme as well as the Scheme Consideration as required in terms of section 114 of the
      Companies Act and Regulation 90 and 110 of the Takeover Regulations (“Independent Expert
      Report”).

      Having considered the terms and conditions of the SAB Zenzele Scheme and based upon and
      subject to the terms and conditions set out in the Independent Expert Report, the Independent
      Expert is of the opinion that the SAB Zenzele Scheme and Scheme Consideration are fair and
      reasonable to the SAB Zenzele Retailer Shareholders.

      SAB Zenzele has constituted the Independent Board, comprised of Mr. PM Maduna, Mr. SL
      Mbatha and Mr. J Awbrey, being the directors that SAB Zenzele has indicated are independent
      directors as envisaged in Regulation 81 of the Takeover Regulations.
      The Independent Board has considered the terms and conditions of the SAB Zenzele Scheme
      and, taking into account the Independent Expert Report, is of the opinion that the terms and
      conditions of the Scheme are both fair and reasonable to SAB Zenzele Retailer Shareholders
      and recommends that SAB Zenzele Retailer Shareholders vote in favour of the SAB Zenzele
      Scheme at the Shareholders’ Meeting.

9.    MEETING OF SAB ZENZELE RETAILER SHAREHOLDERS

      The SAB Zenzele Scheme Circular will be posted to SAB Zenzele Retailer Shareholders on
      8 April 2021 (and will also be available at https://www.investecsps.co.za/), and contains the
      notice to convene the relevant Shareholders’ Meeting for the purpose of considering and, if
      deemed fit, passing with or without modification, the relevant special resolutions required to
      implement the SAB Zenzele Scheme, as described in more detail in the SAB Zenzele Scheme
      Circular.

      The Shareholders’ Meeting will be held entirely by way of electronic communication as
      contemplated in section 63(2)(a) of the Companies Act at https://sabzenzele.virtual-
      meetings.online/login at 10:00 (South African Standard Time) on 10 May 2021, or such other
      adjourned or postponed date and time determined and announced in accordance with the
      provisions of the Companies Act.

10.   DIRECTORS’ RESPONSIBILITY STATEMENT

      The SAB Zenzele Board individually and collectively accept full responsibility for the accuracy of
      the information contained in this announcement to the extent that it relates solely to SAB Zenzele.
      In addition, the SAB Zenzele Board certifies that to the best of its knowledge and belief, the
      information contained in this announcement solely pertaining to SAB Zenzele is true and, where
      appropriate, does not omit anything that is likely to affect the importance of the information
      contained herein solely pertaining to SAB Zenzele, and that all reasonable enquiries to ascertain
      such information has been made.

      The members of the Independent Board individually and collectively accept full responsibility for
      the accuracy of the information given and certify that, to the best of their knowledge and belief,
      no facts have been omitted that would make any statement in this announcement false or
      misleading or be likely to affect the importance of the information, and that all reasonable
      enquiries to ascertain such facts have been made and that this announcement contains all
      information required by law and the Takeover Regulations.

      The directors of SAB Zenzele Kabili individually and collectively accept full responsibility for the
      accuracy of the information contained in this announcement to the extent that it relates solely to
      SAB Zenzele Kabili. In addition, the board of directors of SAB Zenzele Kabili certifies that to the
      best of its knowledge and belief, the information contained in this announcement solely pertaining
      to SAB Zenzele Kabili is true and, where appropriate, does not omit anything that is likely to affect
      the importance of the information contained herein solely pertaining to SAB Zenzele Kabili, and
      that all reasonable enquiries to ascertain such information has been made.



ANHEUSER-BUSCH INBEV CONTACTS
Investors                                                  Media
Lauren Abbott                                              Ingvild Van Lysebetten
Tel. : +1 212 573 9287                                     Tel. : +32 16 276 608
E-mail : lauren.abbott@ab-inbev.com                        E-mail :    ingvild.vanlysebetten@ab-inbev.com


Maria Glukhova                                             Fallon Buckelew
Tel. : +32 16 276 888                                      Tel. : +1 310 592 6319
E-mail : maria.glukhova@ab-inbev.com                       E-mail : fallon.buckelew@ab-inbev.com

Jency John
Tel: +1 646 746 9673
E-mail: jency.john@ab-inbev.com


Bryanston
7 April 2021


Investment bank and financial adviser to SAB Zenzele Kabili, AB InBev and SAB
Rand Merchant Bank (a division of FirstRand Bank Limited)


Legal adviser to SAB Zenzele Kabili, AB InBev and SAB
Bowmans

                                                   14
Independent Legal Advisers to SAB Zenzele and the Independent Board
ENSafrica


Independent Expert
BDO Corporate Finance Proprietary Limited


Reporting accountants
PricewaterhouseCoopersInc


JSE Sponsor to AB InBev
Questco Corporate Advisory Proprietary Limited


Investment bank and financial adviser for the Planning Phase
The Standard Bank of South Africa Limited


 About Anheuser-Busch InBev
 Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the
 Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York
 Stock Exchange (NYSE: BUD). Our Dream is to bring people together for a better world. Beer, the original social network, has been
 bringing people together for thousands of years. We are committed to building great brands that stand the test of time and to
 brewing the best beers using the finest natural ingredients. Our diverse portfolio of well over 500 beer brands includes global
 brands Budweiser®, Corona® and Stella Artois®; multi-country brands Beck’s®, Hoegaarden®, Leffe® and Michelob Ultra®; and
 local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®,
 Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning
 continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the
 Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush.
 To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets,
 we leverage the collective strengths of approximately 170,000 employees based in nearly 50 countries worldwide. For 2019, AB
 InBev’s reported revenue was 52.3 billion USD (excluding JVs and associates).


Forward-Looking Statements

This release contains “forward-looking statements”. These statements are based on the current expectations and views of future
events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances.
The forward-looking statements contained in this release include statements other than historical facts and include statements
typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates”,
“likely”, “foresees”, “preparing” and words of similar import. All statements other than statements of historical facts are forward-
looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of
the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors,
some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual
outcomes and results to be materially different, including, but not limited to, the effects of the COVID-19 pandemic and
uncertainties about its impact and duration and the risks and uncertainties relating to AB InBev described under Item 3.D of AB
InBev’s Annual Report on Form 20-F (“Form 20-F”) filed with the US Securities and Exchange Commission (“SEC”) on 23 March
2020 and described in Exhibit 99.1 to AB InBev’s Current Report on Form 6-K filed with the SEC on 29 October 2020. Many of
these risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business
and economic environment as a result. Other unknown or unpredictable factors could cause actual results to differ materially from
those in the forward-looking statements.

The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere,
including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has
made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary
statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or,
even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or
operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.


 

Date: 07-04-2021 05:31:00
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