Guinness Nigeria Plc has reaffirmed its commitment to remaining a publicly listed entity on the Nigerian Exchange despite the ongoing Mandatory Takeover Offer by N Seven Nigeria Limited, a subsidiary of Tolaram Group.
In a statement made available to our correspondent on Monday, the MTO, which involves up to 481.36 million ordinary shares at N81.60 per share, is in line with regulatory provisions under the Investment and Securities Act and the Securities and Exchange Commission rules governing mergers and acquisitions.
Speaking on the development, the Managing Director of Guinness Nigeria, Girish Sharma, assured stakeholders that the takeover offer would not affect the company’s listing status or its operational direction.
“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 acceptance period for the MTO opened on March 14, 2025, and closes on April 4, 2025, allowing qualifying shareholders to consider the offer. Shareholders who do not receive the Offer Document by March 7, 2025, can obtain a copy from Veritas Registrars Limited or access it via the Guinness Nigeria website.
Guinness Nigeria also confirmed that its shareholding structure post-MTO would continue to meet the Exchange’s free float requirements, ensuring that shareholders can freely trade their shares.
Beyond the takeover process, Sharma assured employees and investors that there would be no immediate changes to the company’s board composition, management structure, or corporate governance framework beyond routine governance adjustments.
The company also stated that job security and operational stability remain intact, adding that it remains committed to business expansion, talent development, and sustained value creation for its workforce.
The PUNCH reported that Guinness Nigeria Plc has announced that the sale of Diageo’s shareholding in Guinness Nigeria to Tolaram has been completed.
