Nestlé S.A invests additional N1.92 billion in shares of its Nigerian subsidiary.

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

This disclosure was made by Nestlé Nigeria Plc, 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 notice, Nestlé S.A acquired additional 1,369,938 units of Nestle Nigeria Plc 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.

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It is pertinent to note that the recent 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.

Breakdown of the deal

• 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, totalling 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, totalling N691,483,800
• In light of this, a total of 1,369,938 units of Nestle Nigeria’s share were purchased at an average price of N1, 399, totalling 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).

What you should know

• Nestlé S.A is a leading Swiss multinational food and drink processing company and the parent company of Nestlé Nigeria Plc.  As at 30th of June 2021, Nestle S.A, Switzerland owns about 533,270,982 units of ordinary shares in the Nigerian subsidiary, translating to about 67.28% of Nestle Nigeria Plc total shareholdings.
• Nestle Nigeria Plc is currently trading N1, 410 per share on the floor of the Nigerian Exchange Limited (NGX).