Diageo Will Not Proceed with Potential Offer to Increase Its Equity Stake in Guinness Nigeria

Proshare

Wednesday, October 05, 2016 11:55am / NSE

Guinness Nigeria Plc hereby notifies the general public that further to its announcement on 9 September 2015 of Diageo Plc intention to make an offer through its wholly owned subsidiary Guinness Oversea Limited for up to 15.7% of share capital of Guinness Nigeria (the “Potential Offer”), it has received a letter from Guinness Overseas Limited confirming that it has taken the decision not to proceed with the Potential Offer.


In the light of the challenging market conditions in Nigeria over the past 12 months, it proposes to focus its resources to support Guinness Nigeria.

Diageo has confirmed that it maintains a positive outlook for Nigeria in the long-term and that it expects the market to continue to grow.

Nigeria remains a key strategic market for Diageo which remains supportive of Guinness Nigeria, a company with a long and rich history, its board and management and the actions taken by Guinness Nigeria to mitigate the impact of challenging market conditions.

Related News
1.       Guinness Nigeria Plc - No Sign of Respite in the Very Near Term
2.      Guinness Nigeria Plc - Uphill Battle for Brewer
3.      Mr John O'Keeffe Elected as Vice Chairman of Guinness Nigeria Plc Board of Directors
4.      Guinness Nigeria Plc Reports Pre-tax Loss of N4.4bn in Q4’16 Results
5.      GUINNESS Declares N2.02bn Loss in 2016 Audited Result SP N100.00k
6.      GUINNESS Records Unimpressive Q3 Result Downgraded to Underperform
7.      GUINNESS Records 83.4 Decline in PAT in Q3 16 Result SP N99.84k
8.     Guinness Nigeria to pay fine of N11.4 million
9.      Guinness Nigeria Q3 ‘16: -0.5bn PBT loss off 33% drop in sales yoy
10.  GUINNESS Records 83.4 Decline in PAT in Q3 16 Result SP N99.84k
11.   GUINNESS Records 83.4 Decline in PAT in Q3 16 Result SP N99.84k
12.  GUINNESS to List N10bn Series 2 and Series 3 Commercial Paper Issues on FMDQ OTC Platform
13.  Guinness Nigeria posts a weak Q2 2016 neutral rating retained
14.  GUINNESS acquires exclusive distribution rights to Diageo International Premium Spirits brands

Related News
SCROLL TO TOP