June 15, 2011
Vitafoam Nigeria Plc has acquired about 21.44 per cent equity stake in its major competitor and oldest foam company, Vono Products Plc.
Vitafoam Nigeria’s investment report sourced by The Nation indicated that the company in 2010 purchased about 64.32 million ordinary shares of Vono Products Plc, representing 21.44 per cent of the 300 million total outstanding shares of Vono Nigeria.
The deal, according to the report, was struck at N1.20 per share and totaled about N77.6 million, the highest investment Vitafoam Nigeria has ever made in a non-subsidiary company.
Both Vitafoam Nigeria and Vono Products are quoted on the NSE under the industrial and domestic products sector.
Source: The Nation