Swiss-based firm injects N507.35 million into Nestle Nigeria

Nigerian food and beverage company, Nestle Nigeria, has received N507.35 million from its parent company, Nestle S.A, following an investment transaction conducted on Nigerian bourse.

The capital infusion was made in exchange for 363,869 shares which were acquired in three phases this month.

The company acquired 14,798 shares on May 26, 56,520 shares on May 27 while 292,551 shares were bought on May 28.

The 363,869 shares were bought at an average price of N1,394.33 kobo per share on the Nigerian stock exchange.

This increased Nestle Nigeria’s liquidity by N507.35 million.

Nestle S.A has been conducting insider dealings on the Nigerian subsidiary since March, according to its trading activities tracked by Ripples Nigeria.

READ ALSO: Nestle S.A tightens its control in Nestle Nigeria with N3.7bn

The Switzerland company had in the last three months invested over N4.70 billion in the Nestle Nigeria.

Prior to this week’s investment, Nestle S.A had made some investment in the Nigerian entity.

The majority shareholder in Nestle Nigeria paid N500 million to acquire 400,000 shares on March 16.

It parted with N2.92 billion to acquire 2.16 million shares in early March.

The company made another capital infusion of N773.79 million in the second week after purchasing 562,796 shares in Nestle Nigeria.

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