Major Foreign Investor Splash N1.43billion on Nestle Nigeria

Major Foreign Investor Splash N1.43billion on Nestle Nigeria

- Over N1.43 billion was invested into Nestle Nigeria by its majority shareholder, Nestle S.A between two days, to increase its stake in the local company

- Nestle S.A has been infusing capital into the beverage producer in the past three months, with over N4.70 billion invested into the firm

- The Switzerland-based company made the transaction to tighten its control within the Nigerian manufacturer, as it maintains its presence in the local market

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Nestle S.A has acquired more shares in its Nigerian subsidiary, Nestle Nigeria, after infusing over N1.43 billion into the company. This is one of many shares acquisition by the multinational firm.

The Switzerland-based beverage producer acquired a total 1.02 million shares in Nestle Nigeria in two tranches at an average price of N1,399.1720 at the capital market.

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The first transaction was 35,369 shares acquired at a price of N1,399.3541 per share on June 8, 2021. The next day, on Wednesday, Nestle S.A made the second acquisition of 992,836 shares at a market price of N1,400 per share.

This brought the total investment into Nestle Nigeria to N1.43 billion. Two weeks ago, it had also received Nestle Nigeria, has received N507.35 million from the parent company, Nestle S.A, following an acquisition of 363,869 shares.

Major Foreign Investor Splash N1.43billion on Nestle Nigeria
Nestle building. Photo: Stefan Wermuth/Bloomberg
Source: Getty Images

With the last three months, Nestle S.A has invested N4.70 billion in the Nestle Nigeria - this is aside its recent investment which occurred on Tuesday and Wednesday. The Switzerland firm is the majority shareholder in Nestle Nigeria.

Meanwhile, Legit.ng had previously reported that Atedo Peterside, Stanbic IBTC founder, told the Federal Government to meet with Twitter in order to prevent ripple effect from the ban.

Peterside said the social media site has become a revenue opportunity for individuals that have creatively turned the platform into their workspace.

He had previously criticised the government for the ban, stating that the government is not proactive when it comes to doing what's good for the citizens of the country, but fast in taking actions that doesn't favour Nigerians.

Source: Legit

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