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Home Markets Equities Stock Market

Nestle S.A acquires additional shares of Nestle Nigeria worth ₦300 million

Omokolade AjayibyOmokolade Ajayi
2 years ago
in Stock Market
Why Nestle Nigeria’s return remains strong - EFG Hermes, Nestle Nigeria Plc appoints new Director, Nestle Plc: FY 2019 Revenue beats estimate; but profit underperforms, GTB, Zenith Bank, & Nestle emerge as Renaissance Capital’s top stock picks, Nestlé’s parent company acquires additional shares worth ₦300 million
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The largest consumer goods company on the Nigerian Stock Exchange (NSE), Nestlé Nigeria Plc, has notified the Exchange that Nestle S.A.- its parent company, has acquired 214,924 additional units of its ordinary shares, worth N300.89 million.

In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the Company’s Secretary, Bode Ayeku.

READ: TikTok’s owner seeks $60 billion valuation in US deal as Oracle, Walmart take stakes

Mr. Ayeku disclosed that Nestlé S.A acquired the additional 214,924 units of Nestle Nigeria Plc shares in a single transaction, at an average share price of ₦1.400 per share.

This put the total consideration for the shares purchased by the parent company at N300,893,600.00.

(READ MORE: Nestlé S.A buys additional shares of Nestlé Nigeria worth N287 million)

What this means

The purchase of the shares of Nestlé Nigeria further cements Nestlé S.A’s position as the majority shareholder of the company.

READ: Flour Mills Vice Chairman acquires additional shares worth N3.32m

In line with the information contained in the financial statements of the company as of 30th September 2020, the company had exactly 792,656,252 shares outstanding, with Nestlé S.A being the majority shareholder with 525,537,201 units – 66.30% of the total shares of the company outstanding.

READ: Airtel Africa to sell its 4,500 tower assets to cut down $3.5 billion debts

Hence, with the purchase of 214,924 additional units, Nestlé S.A’s ownership percentage of Nestlé Nigeria is now put at 66.33%.

Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange to aid transparency.

(READ MORE: Nestle Nigeria Plc records 0.66% increase in export sales boost revenues)

What you should know

Nestlé Nigeria’s shares opened the trading session on the Nigerian Stock Exchange today, November 16, 2020, at ₦1450.00 per share. This price, however, is 89.67% higher than its 52-week low of ₦764.90.

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Tags: Bode AyekuNestle Nigeria PlcNigerian Stock Exchange (NSE)

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