Guinness Nigeria To Divest 58.02% Equity Stake At N81.60

Guinness Nigeria Plc has received approval from the Nigerian Exchange Limited (NGX) to proceed with a significant block divestment of 1.27 billion ordinary shares, representing 58.02 percent of its issued shares.

The shares will be sold at a premium price of N81.60 each, valuing the transaction at approximately N103 billion.

As of September 17, Guinness Nigeria has 2.19 billion shares outstanding, with each share valued at N63.50, resulting in a market capitalisation of N139.09 billion. The divestment was facilitated by Stanbic IBTC Stockbrokers Limited, which is acting as the stockbroker for the transaction approved by NGX on September 6.

The shares are being sold to NSeven Nigeria Limited, which will acquire the stake held by Guinness Overseas Limited and Atalantaf Limited, both subsidiaries of Diageo plc. In June, Guinness Nigeria had announced that Tolaram, a Singapore-based holding company, would invest approximately N103 billion ($70 million) to acquire Diageo’s 58.02 percent shareholding following the signing of terms by the involved parties.

The Register of Members indicates the following significant shareholders; Guinness Overseas Limited holds 1,099,230,804 ordinary shares, constituting 50.18 percent of the total share capital, Atalantaf Limited holds 171,712,564 ordinary shares, representing 7.84 percent, Stanbic IBTC Nominees Limited owns 140,075,979 ordinary shares, or 6.40 percent, and Mutima Opportunity Fund LP holds 122,857,111 ordinary shares, representing 5.61 percent.

This divestment reflects a strategic shift in Guinness Nigeria’s ownership structure and is expected to impact its operations moving forward, as it seeks to realign with its new shareholders and potential business strategies.