Nestle SA Buys N90bn Stake in Nigerian Arm

Swiss multinational food and drink processing, 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.

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.

March 16, 2023