Nigeria: Nestlé S.A acquires over a billion naira worth of shares of its Nigerian subsidiary

Nestlé S.A, a leading multinational food and beverage company, has acquired an additional N1.92 billion in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

Nestlé Nigeria made this disclosure in a notification issued and signed by the Company’s Secretary, Bode Ayeku, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the company, Nestlé S.A acquired additional 1,369,938 units of Nestle Nigeria shares at a price of N1, 399 per share.

This puts the total consideration for the shares purchased by the parent company at N1, 916,543,262.

The transaction which took place on the floor of the Nigerian Exchange Limited (NGX), was effected in three tranches between 13th and 15th of September, 2021.

In the first tranche which took place on the 13th of September 2021, the parent company purchased additional 863,914 units of its Nigerian subsidiary shares at N1, 400 per share, totaling N1, 209,479,600.

Subsequently, the firm purchased an additional 12,107 units of the latter’s share at N1, 397.78 per unit, worth N16, 922,922.46.

In the last tranche which took place on 15th of September 2021, the firm purchased a further 493,917 units of shares at N1, 400, totaling N691, 483,800.

In view of this, a total of 1,369,938 units of Nestle Nigeria’s share were purchased at an average price of N1, 399, totaling N1, 917,886,322.46.

This recent transaction will further raise the stakes and cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary (Nestlé Nigeria Plc).