Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 900,887 additional units in the shares of the company.
This was disclosed by the company in a notification sent to the Nigerian Exchange Limited (NGX), which was seen by Nairametrics.
The purchase according to the notification signed by the Company’s Secretary, Bode Ayeku, was made on the bourse in two tranches on 18th and 19th of August, 2021. The breakdown of the transactions is succinctly captured below;
- In the first tranche, Nestlé S.A purchased 842,439 units of its Nigerian subsidiary’s shares at a unit price of N1, 400, amounting to N1, 179,414,600.
- In the second tranche, the firm purchased an additional 58,448 at the same unit price of N1, 400 per share, totaling N81, 827,200.
Cumulatively, the Swiss multinational firm purchased a total of 900,887 additional units of Nestlé Nigeria Plc shares at a unit price of N1, 400, amounting to N1, 261,241,800.
This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.
What you should know:
- The Parent company had earlier splashed a total of about N2.61 billion on the purchase of additional 1,870,348 units of its Nigerian subsidiary’s shares.
- As at the period of filing this report, Nestlé Nigeria Plc currently trades at N1,400 per share.
