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Home Business News

Nigerian Stock Exchange suspends trading in 7UP Plc shares

Onome Ohwovoriole by Onome Ohwovoriole
January 12, 2018
in Business News, Company News
Nigerian Stock Exchange suspends trading in 7UP Plc shares

Sunil Sawhney, Vice Chairman, 7UP Nig. Plc

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According to reports from Reuters, the Nigerian Stock Exchange (NSE) has suspended trading in the shares of 7UP Nigeria Plc. The suspension is consequent upon a motion passed by minority shareholders approving a takeover bid by Affleka holdings.  This will lead to the delisting of the company from the NSE. Delisting a stock means it will no longer trade on the Nigerian Stock Exchange.

Affleka holdings is owned by the El-Khalil family which founded the company.

Prior to this

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In a notice sent to the NSE in November last year,  Affelka SA, the majority shareholder in 7-UP Plc, had proposed to buy out the 171,542,574 ordinary shares of 50 kobo each representing the 26.78% of the company’s issued share capital that it does not own at N112.70 per share.

In a notice sent to the Nigerian Stock Exchange (NSE) this week, Affelka SA the majority shareholder in 7-UP Plc revised its offer for all the shares it does not own to N125 per share. The revised offer was at a  22.6% premium to the last traded share price of the company on January 9 2018 and a premium to the 27.6% premium to the August 10, 2017 which was the last date prior to the announcement of the proposal by Affleka.

Likely benefits from going private

Going private, will enable the company raise capital without the regulatory bureaucracy, or seeking approval from shareholders.  7UP has been racked with losses since 2016.

The company will also save on fees paid to the NSE.

What happens to shareholders that don’t sell ?

Shareholders that haven’t sold theier shares will be able to do that on the NASD, which is the exchange for unlisted securities.

7-UP Plc was incorporated as a private limited liability company on 25th June, 1959 under the name Seven‐Up Limited by Mohammed El-Khalil. On 16th May, 1960, the name was changed to Seven‐Up Bottling Company Limited and in 1978 it became a public company. 7-UP Plc was listed on the Nigerian Stock Exchange on June 1st, 1986.

 

 


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Tags: 7UPAffelka SANigerian Stock Exchange
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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