Nestle South Africa, a food and beverage corporation, has purchased N90.29 billion in shares in its Nigerian affiliate (Nestlé Nigeria Plc).
According to a corporate notice on insider dealing issued on Tuesday by its Corporate Secretary, Bode Ayeku, the acquisition took place in two tranches on the floor of the Nigerian Exchange Limited in Lagos on Monday and Tuesday. In one tranche, 40,000 Nestle Nigeria ordinary shares were sold for N1,092 per share for a total of N48.68 billion.
In the second tranche, 37, 967 shares were sold for N1,096 each. It was worth N41.61 million. This amounts to N90.29 billion in shares.
The new investments would strengthen Nestlé S.A’s position as the dominant stakeholder in its Nigerian business.
Nestle Nigeria reported sales of N446.8 billion in its 2022 financial report, a 27 percent increase over the N351.8 billion reported in the previous accounting year.