Finance

Nestle SA buys N90bn stake in Nigerian arm

Nestle SA buys N90bn stake in Nigerian arm

Food and beverage company, Nestle South Africa, has acquired N90.29bn worth of shares in its Nigerian subsidiary (Nestlé Nigeria Plc).

 In a corporate notice on insider dealing on Tuesday, signed by its Company Secretary, Bode Ayeku, the acquisition took place in two tranches on Monday and Tuesday on the floor of the Nigerian Exchange Limited in Lagos. In one tranche, 40,000 ordinary shares of Nestle Nigeria were sold at N1,092 per share, amounting to N48.68bn.

Read:  How FX scarcity, Naira redesign, others shaped economic discourse in 2022

A second tranche saw 37, 967 shares sold at N1,096. It was worth N41.61m. This is a total of N90.29bn worth of shares.

The new stakes would further cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary.

Read:  Nigeria Treasury Bills and Bonds Auction Results Full-Year 2022

Nestle Nigeria in its 2022 financial report disclosed revenue of N446.8bn, an increase of 27 per cent over the N351.8bn recorded in the previous accounting year.

Punch

Related posts

 eTranzact Posts N1.17bn Profit.

NigGal

Flour Mills of Nigeria announces 12% increase in profit

NigGal

Cooperative Mortgage Bank appoints Yusuf as new MD/CEO

NigGal

Nigeria’s money supply hits N53trn in Feb 2023

NigGal

Nigeria’s economy to grow 2.8% in 2023 — World Bank.

NigGal

How Nigerian operations fetched Samsung Forbes’ Africa offshore award

NigGal

Leave a Comment