Anheuser-Busch InBev S.A./N.V. (ABI) and Budweiser Brewing Company APAC Limited (BUD APAC) signed a new Cash Pooling Framework Agreement in Hong Kong on 1 Apr 2026. The arrangement will govern both physical and notional cash pooling for a further three-year term starting 1 Jan 2027, replacing the 2019 Cash Pooling Agreement originally set for eight years.
The framework continues to consolidate cash balances under two structures: 1. Physical cash pooling—cash is swept regularly into a central account currently held by ABI subsidiary Cobrew NV/SA. 2. Notional cash pooling—balances remain in participants’ accounts but are combined notionally by the pooling agent for interest calculation. Cobrew NV/SA also provides current-account services.
Key commercial terms: • Deposit rates: In the notional pool, rates equal the pooling agent’s overnight base rate; in the physical pool, Cobrew NV/SA sets rates by reference to the pooling agent or other third-party institutions. • Overdraft rates: Mirror the respective deposit-rate benchmarks with no collateral required from BUD APAC subsidiaries. • Service fee: Cobrew NV/SA may charge participants on a cost-plus, arm’s-length basis.
Governance and compliance: • ABI remains a substantial shareholder of BUD APAC, rendering the transactions continuing connected transactions under Hong Kong Listing Rules Chapter 14A. • Effectiveness is conditional on approval by BUD APAC’s independent shareholders. • The Company retains sole discretion to scale back or cease participation without obligation to ABI. • Any change of pooling agent that materially alters terms will require fresh Listing Rule compliance. • ABI must grant BUD APAC’s auditors reasonable access to relevant records for ongoing connected-transaction reporting.
Termination provisions: • The agreement ends three years after the effective date unless earlier terminated: (i) by ABI if it no longer consolidates BUD APAC, (ii) by either party for material breach, or (iii) by mutual consent. • Upon commencement, the 2019 Cash Pooling Agreement will be fully replaced, with pre-existing rights and obligations preserved up to 1 Jan 2027.
Dispute resolution follows a staged negotiation process escalating to ICC arbitration in Brussels if unresolved within 60 days. The agreement is governed by English law.
The signing reaffirms ABI’s treasury centralisation while providing BUD APAC with flexible, arm’s-length liquidity management pending shareholder approval.
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