Diageo has sold its shareholding in Guinness Nigeria PLC to the marketing and distribution conglomerate, Tolaram, giving the Singapore-based company a majority 58.02 per cent stake in Guinness Nigeria for N81.60 a share, amounting to N103.7 billion ($70 million), yesterday.
Diageo has sold its shareholding in Guinness Nigeria PLC to the marketing and distribution conglomerate, Tolaram , giving the Singapore-based company a majority 58.02 per cent stake in Guinness Nigeria for N81.60 a share, amounting to N103.7 billion , yesterday.
In a statement by the company, Diageo said it will retain ownership of the Guinness brand and will be licensed to Guinness Nigeria for the long-term, enabling its continued growth and development in the country under the stewardship of Tolaram. “Diageo will also remain in the country through its wholly owned international premium spirits business built to serve a wider geographic reach across West Africa, with Nigeria as one of the main operational hubs.
Following the completion of this transaction, Guinness Nigeria will remain listed on the Nigerian Stock Exchange while Tolaram will launch a mandatory takeover offer in compliance with local law requirements. This takeover does not come as a surprise to stakeholders as in October last year, the company announced that from April 2024, it will no longer import or distribute certain Diageo international premium spirits products, including Johnnie Walker, Singleton, and Baileys and others imported under its 2016 Sale & Distribution Agreement with Diageo plc.
Diageo has sold its shareholding in Guinness Nigeria PLC to the marketing and distribution conglomerate, Tolaram, giving the Singapore-based company a majority 58.02 per cent stake in Guinness Nigeria for N81.60 a share, amounting to N103.7 billion , yesterday. Judges of the Federal High Court of Nigeria are to proceed on their 2024 yearly vacation from July 23, according to the Chief Judge, Justice John Terhemba Tsoho.
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