News

Diageo targets Guinness Nigeria stake boost

Most popular

Carlsberg, Marston's are winners, who are losers?

Could bulk beer shipping be a COVID-19 legacy?

Why spirits offers hope for the on-premise

Low abv + botanical leaning = Perfect mix

Campari Group Performance Trends 2015-2019 - data

MORE

Diageo is looking to increase its stake in Guinness Nigeria through an offer to the division's existing shareholders.

Diageo currently owns 54.3% of Guinness Nigeria

Diageo currently owns 54.3% of Guinness Nigeria

The company, which owns 54.3% of the unit, hopes to raise its holding to up to 70%. It will offer shareholders a maximum of NGN175 per share, representing a 40% rise on Guinness Nigeria's closing share price on the Nigerian Stock Exchange yesterday.

Diageo intends to retain the company's stock listing. Guinness Nigeria has a total of just over 1.5bn ordinary shares in issue.

The move suggests that Diageo has seen an end to its struggles in Nigeria. In March, CEO Ivan Menezes conceded that the group had “made mis-steps” in the country in recent years and that it was “not yet out of the woods”. In fiscal-2014, overall volumes in Nigeria slid by 9%, while net sales fell by 14%. Subsequently, in October, Diageo veteran John O’Keeffe replaced Seni Adetu as the unit's CEO.

In the 12 months to the end of June, Diageo recorded a 6% lift in sales in the country.


Related Content

Anheuser-Busch InBev cleared for South Africa Guinness production in Diageo deal

Anheuser-Busch InBev cleared for South Africa Guinness production in Diageo deal...

Diageo closes in on RTD, Guinness South Africa partnership with Anheuser-Busch InBev's SAB

Diageo closes in on RTD, Guinness South Africa partnership with Anheuser-Busch InBev's SAB...

Diageo’s Guinness Open Gate Brewery & Partizan Brewing's aperitif-style beers - Product Launch

Diageo’s Guinness Open Gate Brewery & Partizan Brewing's aperitif-style beers - Product Launch...

"We've still got a job to do" - just-drinks speaks to Diageo CEO Ivan Menezes...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?