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Nestlé S.A. Up Stake in Nestle Nigeria Plc to 66.3%

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Nestlé S.A. Switzerland Increased Stake in Nestle Nigeria Plc to 66.3%

Despite growing economic uncertainties amid a decline in economic productivity, Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has continued to up its ownership percentage in Nestle Nigeria.

Nestlé S.A, Switzerland now owned 66.3 percent of the Nigerian subsidiary.

This was after the company purchased additional shares of 229,697 units in Nestle Nigeria to bring the company’s total purchase from August 20 to date to 977,744 units.

Nestlé S.A has now spent a total sum of N1.17 billion to buy shares in three transactions in its Nigerian subsidiary in 22 days.

A break down of the transactions revealed that the purchase consideration for the 229,697 additional units of Nestlé Nigeria shares at an average price of N1,249.65 per unit is put at N287 million.

Experts said Nigerian shareholders were willing to sell because of the ongoing economic hardships being witnessed in the country.

The National Coordinator, PSAN, Boniface Okezie, said, “It is expected for the foreigners to take the holdings since Nigerian shareholders are offering to sell and no domestic investor has the ability to purchase.

“I don’t see it as a mission to take over the company; I believe it is a morale booster to the Nigerian company. The regulators are watching and they will react if they are crossing the threshold.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Insider Dealings: Nestle, McNichols Insider Trades Disclosed

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Nestle S.A once again increased its holding in Nestle Nigeria Plc, according to the latest filing with the Nigerian Stock Exchange (NSE).

The Swiss multinational food and drink processing conglomerate corporation that doubled as the largest shareholder of Nestle Nigeria Plc purchased an additional 253,965 shares of Nestle Nigeria in three transactions between November 30 and December 2, 2020.

On November 30, Nestle S.A purchased 10,000 shares at N1,390 per share. While on December 1 and 2, 2020 another 235,537 and 8,428 shares were acquired at N1,399.85 and N1,390 per share.

This brings the aggregate volume of purchase to 253,965 shares at an aggregate price of N1,393 per share.

Also, McNichols Consolidated Plc, another listed company on the Nigerian Stock Exchange, disclosed that Ekpe Chimaraoke Nwokoma, a substantial shareholder, purchased 109,500 shares at an average price of 51 kobo per share in two transactions.

On November 11, 2020, Nwokoma bought 9,500 shares at 51 kobo each and another 100,000 shares at 51 kobo on December 1, 2020.

The disclosure is in line with the new Nigeria’s Security Exchange Commission policy on transparency.

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VitaFoam to Approve Audited Financial Statement For September Period on December 15th, 2020

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The management of Vitafoam Nigeria Plc on Tuesday announced it will hold a meeting of the Board of Directors on December 15th, 2020 to consider and approve the Audited Financial Statements for the year ended 30, September 2020 and recommended dividend, if considered appropriate.

Vitafoam disclosed in a statement signed by Lekan Sanni, Company Secretary and issued on Thursday.

The company further stated that “in compliance with the listing rules of the Nigerian Stock Exchange, the closed period for trading in the company’s securities commenced from 1st December, 2020 until 24 hours after the announcement of the Audited Group Financial Statement for the year ended 30th September, 2020 to the Nigerian Stock Exchange.”

“Consequently, no Director, Employee, person discharging managerial responsibility, Advisers and Consultants of the Company and their connected persons may directly or indirectly deal in the shares of the company during the closed period.”

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Investors Dump N15 Billion on United Capital Series 3 Commercial Paper

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United Capital Plc has raised N15 billion through Series 3 Commercial Paper (CP) issued under a N20 billion programme registered with the FMDQ Securities Exchange.

The company announced this through a statement forwarded to the Nigerian Stock Exchange.

According to the statement, the Series 3 270-day issuance at a yield of 1.26 percent had 112 percent subscriptions from a pool of institutional investors, especially Asset Managers.

The statement reads in part, “this issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.”

Speaking on the success of the commercial paper, Mr. Peter Ashade, the Chief Executive Officer, United Capital Plc, said “The commercial paper issuance is in line with our bid to diversify our funding sources, strengthen our capital base and intensify our strategic initiatives aimed at providing innovative financing solutions to our clients”.

“This issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.”

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