The Board of Phoenix Beverages Limited (PBL) has approved the execution of a non- binding offer for the acquisition of a firm based in the United Kingdom.
The company is said to operate in a similar line of business as PBL, with a view to further diversify its reach.
The Transaction will be subject to satisfactory completion of due diligence exercises, the obtention of relevant regulatory approvals, final corporate and any other approvals required by the parties to the Transaction.
Latest financials of the brewery show its profit after tax rose from Rs444.6 million to Rs531.2 million.
Shareholders and investors have been advised to exercise caution when dealing in the shares of PBL.