Guinness Nigeria affirms NGX listing amid takeover

Guinness Nigeria Plc has reaffirmed its commitment to remaining a publicly listed company on the Nigerian Exchange (NGX) as N Seven Nigeria Limited, a subsidiary of Tolaram Group, advances its Mandatory Takeover Offer (MTO).

The N39.3 billion offers, priced at N81.60 per share, targets up to 481,362,887 ordinary shares and is being executed in accordance with the Investment and Securities Act and the Securities and Exchange Commission (SEC) regulations on mergers and acquisitions.

Shareholders have from March 14 to April 4, 2025, to accept the offer. Despite the ongoing acquisition process, Guinness Nigeria has assured shareholders that the MTO will not lead to delisting from the NGX, as the company will continue to meet its free float requirements.

Managing Director of the firm, Girish Sharma, emphasised that Guinness Nigeria remains steadfast in its mission of excellence, innovation, and market leadership, with its long-standing heritage intact.

“Guinness Nigeria has built a legacy of excellence spanning 75 years, and we remain focused on our commitment to 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 company has also reassured employees that job security and corporate governance structures will remain unchanged post-transaction.