Nestle S.A Increases Shares in Nigerian Subsidiary Nestle Nigeria

Nestle S.A., the Swiss Multinational food and drink processing conglomerate which is the majority shareholder of Nestle Nigeria added to its shareholding in Nestle Nigeria.

This was obtained by Investors King in a Corporate disclosure issued by Nestle Nigeria and signed by Corporate Secretary Bode Ayeku.

Nestle S.A added a total of 210,047 shares in Nestle Nigeria at N1,400 per unit, which makes the total monetary value of shares added N294,065,800. From Nestle Nigeria’s recent third-quarter financial statements just released, out of the company’s outstanding shares of 792,656,252, Nestle S.A owns 524,559,457 which makes a total of 66.18%.

Recall that Investors King reported that Nestle Nigeria reported a N25 Dividend for every share held in the company, this may be part of the reason the majority shareholder increased its shareholding in Nestle Nigeria. Nestle S.A. earned N32 Billion in dividends from Nestle Nigeria in the financial year ended 2020.

WHAT YOU SHOULD KNOW

Nestle S.A. is a Swiss multinational food and drinks processing conglomerate corporation headquartered in Switzerland. It is the largest food company in the World, measured by revenue and other metrics since 2014. It has subsidiaries in multiple countries around the world. Nestlé has grown its operation in Nigeria, as well as its presence in the Central and West Africa region over the years. Its factory in Nigeria has grown from one – with the establishment of the Agbara Manufacturing Complex which commenced operation in 1981 – to three in recent times, following the inauguration of the Flowergate factory, a factory initially dedicated to the production of Maggi products, and the set-up of the Abaji factory complex in 2016.

Nestle Nigeria is a Company domiciled in Nigeria. The principal activities of the company continue to be the manufacturing, marketing, and distribution of food products including purified water throughout the country. The Company also exports some of its products to other countries within and outside Africa.