Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 125,463 additional units in the shares of the company.

This disclosure was made by Nestlé Nigeria Plc, in a notification issued and signed by its Company’s Secretary, Bode Ayeku.

The purchase which occurred in a single tranche, took place on the floor of the Nigerian Exchange Limited on 22nd of June, 2021. It is imperative to note that the 125,463 additional units of Nestlé Nigeria shares were purchased at an average price of N1, 400 per unit, totaling N175.65 million.

This recent transaction further strengthens the status of Nestlé S.A as the majority shareholder in its Nigeria subsidiary. Sequel to the recent transaction, the company has so far purchased a total of 269,910 additional shares worth N377.87 million in the last two days.

It is pertinent to note that the recent disclosure is in line with statutory requirements, aimed at entrenching transparency and boosting investors’ confidence in the market. Insider transactions are often a sign of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the major shareholders are strengthening their existing holdings.

What you should know:

• Nestlé S.A had earlier reported the purchase of additional 144,447 units of Nestlé Nigeria Plc shares at a price of N1, 399.99 per share, worth N202.2 million.

Nestlé S.A, a leading multinational food and beverage company, has invested an additional N202.2 million 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.

According to the notice, Nestlé S.A acquired additional 144,447 units of Nestle Nigeria Plc shares at a price of N1, 399.99 per share. This puts the total consideration for the shares purchased by the parent company at N202, 224,355.53

Meanwhile, it is worthy to note that the recent transaction took place on the floor of the Nigerian Exchange Limited on the 18th of June, 2021.

By implication, the 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).

For more information about the recent disclosure, click HERE.

The Board of Nestle Nigeria Plc has announced that it will be hosting its 52nd Annual General Meeting today, 22nd of June, 2021.

This is according to a notification signed by the company’s secretary, Bode Ayeku, and seen by Nairametrics.

According to the notice, investors, shareholders and other relevant stakeholders who might not be able to attend the meeting due to restriction on mass gathering imposed by the government as a result of COVID-19, can opt to watch the live proceedings and participate using the link attached in the disclosure HERE.

As a rule of thumb, it is expected that several issues will be discussed in the AGM among which are;

• The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
• The firm’s proposed dividend will be considered and approved.
• Board appointments will also be considered and ratified.
• Remuneration of managers and Directors in FY 2021 will be considered.
• Shareholders’ representatives of the statutory audit committee will be elected.

What you should know:

• Nestle Nigeria Plc had earlier reported a profit after tax of N39.2 billion in FY 2020, as its earnings per share for the period printed at N49.47. Sequel to this, a dividend of N35.5 was proposed by the board.