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Nestle SA acquires over N90 billion shares in Nigerian subsidiary

Food and beverage company, Nestle South Africa, has acquired N90, 291, 832 worth of shares in its Nigerian Subsidiary (Nestlé Nigeria Plc).

In a corporate notice about 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 Stoke Exchange Limited in Lagos.

In one tranche, 40,000 ordinary shares of Nestle Nigeria were sold at N1,092 per share, amounting to N48, 680,000.

A second tranche saw 37, 967 shares sold at N1,096. It was worth N41,611,832. This is a total of N90,291,832 worth of shares.

The new stakes will 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 N351.8 bn recorded in the previous accounting year.

The multinational also declared a profit for the year of N48.965 billion, 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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