Guinness Nigeria MD Finally Speaks Amid Offer to Take Over Company
- Guinness Nigeria Plc has reaffirmed that it intends to stay listed on the Nigerian Exchange as a publicly traded corporation.
- This is in spite of N Seven Nigeria Limited, a subsidiary of the Tolaram Group, making a continuing mandatory takeover offer
- Guinness Nigeria added that following the MTO, its shareholding structure would still meet the Exchange's free float requirements
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Despite the ongoing Mandatory Takeover Offer by N Seven Nigeria Limited, a Tolaram Group subsidiary, Guinness Nigeria Plc has reiterated its intention to continue being a publicly traded company on the Nigerian Exchange.
Source: UGC
The MTO, which involves up to 481.36 million common shares at a price of N81.60 per share, complies with the Securities and Exchange Commission's merger and acquisition regulations as well as the Investment and Securities Act, according to a statement provided.
Girish Sharma, the Managing Director of Guinness Nigeria, spoke on the issue and reassured stakeholders that the buyout bid would not impact the company's operational direction or listing status.
“Guinness Nigeria has built a legacy of excellence spanning 75 years, and we remain focused on delivering quality, innovation, and value to all our stakeholders. The launch of the MTO is in line with regulatory provisions and does not affect our ability to continue operating as a market leader.”
“We remain a publicly listed entity on the Nigerian Exchange and will continue to uphold the highest standards of corporate governance, transparency, and value creation,” he said.
The MTO's acceptance period, which gave eligible shareholders time to think about the offer, began on March 14, 2025, and ends on April 4, 2025. If the Offer Document is not received by March 7, 2025, shareholders can access it online at Guinness Nigeria or get a copy from Veritas Registrars Limited.
In order to guarantee that shareholders can freely trade their shares, Guinness Nigeria further stated that its shareholding structure would continue to satisfy the Exchange's free float standards after the MTO.
Sharma promised workers and investors that aside from standard governance tweaks, there would be no rapid changes to the company's board composition, management structure, or corporate governance framework following the takeover process.
The company added that it is still dedicated to business growth, talent development, and long-term value creation for its employees, and that job security and operational stability are unaffected.
The PUNCH reported that Guinness Nigeria Plc has announced that the sale of Diageo’s shareholding in Guinness Nigeria to Tolaram has been completed.
Guinness Nigeria adjust prices
Legit.ng reported that A significant beverage manufacturer, Guinness Nigeria, has stated that the prices of certain of its products will increase.
Guinness stated that the pricing changes would go into effect by November 11, in a memo dated November 8 that was signed by its commercial director, Olusanya Adesanya, according to a The Cable report.
The Guinness Nigeria produces a variety of alcoholic and non-alcoholic drinks, including Guinness and Malta Guinness.
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Source: Legit.ng
