Varun Beverages South African units Twizza and Bevco to merge

Varun Beverages subsidiary Bevco and step-down subsidiary Twizza, both based in South Africa, have approved a merger to combine operations. Twizza is a wholly-owned unit of Bevco with turnover of ZAR 1,695 million for FY25, while Bevco had consolidated turnover of ZAR 4,818 million. No cash or new shares are exchanged; Twizza shares will stand cancelled on completion. Rationale: business synergies and cost optimisation. No change in VBL shareholding pattern, since both are foreign subsidiaries.