The largest consumer goods company on the Nigerian Stock Exchange
(NSE), Nestlé Nigeria Plc, has notified the Exchange that Nestlé S.A.-
its parent company, has acquired 331,045 additional units of its
ordinary shares, worth ₦463.46 million over two transactions in a week.
The formal disclosure was made by the Company’s Secretary, Bode Ayeku.
Mr. Ayeku revealed that Nestlé S.A acquired the additional 331,045
units of Nestlé Nigeria Plc shares over two transactions, at an average
share price of ₦1400 per share.
This put the total consideration for the shares purchased by the parent company at ₦463,463,000.00.
What this means
The purchase of the shares of Nestlé Nigeria further cements Nestlé S.A’s position as the majority shareholder of the company.
In line with the information contained in the financial statements of
the company as of 30th September 2020, the company had exactly
792,656,252 shares outstanding, with Nestlé S.A being the majority
shareholder with 525,537,201 units – 66.30% of the total shares of the company outstanding.
Hence, with the previous purchase of 214,924 additional units on
November 10 and the recent 331,045 units acquired by the parent company,
Nestlé S.A’s ownership percentage of Nestlé Nigeria is now put at
66.37%.
Why it matters
Dealings by insiders of listed companies are corporate actions to be
disclosed, as required by the Nigerian Stock Exchange to aid
transparency.
What you should know
Nestlé Nigeria’s shares closed the week at the end of trading
activities on the Nigerian Stock Exchange, November 20, 2020, at
₦1400.00 per share, with a 52-week low of ₦764.90.
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