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Nestle South Africa acquires N90bn stake in Nigerian operations

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Nestle increases shares in Nigerian subsidiary

Nestle South Africa, has acquired N90.29bn worth of shares in Nestlé Nigeria Plc.

This was disclosed In a statement signed by Nestle Nigeria’s Company Secretary, Bode Ayeku, forwarded to the Nigerian Exchange on Tuesday.
It noted that the acquisition was 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.

 

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.

 

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.

 

The multinational also declared a profit for the year of N48.96bn, marking an increase of 22 per cent over the N40bn recorded in 2021. A final dividend of N36.50 per 50 Kobo ordinary share was announced.

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