Guinness Nigeria Plc has confirmed its commitment to remaining a publicly listed company on the Nigerian Exchange (NGX), even as N Seven Nigeria Limited, a subsidiary of Tolaram Group, initiates a Mandatory Takeover Offer (MTO). This development underscores the company’s dedication to transparency and shareholder value.
Details of the Mandatory Takeover Offer
The MTO involves the acquisition of up to 481,362,887 ordinary shares at ₦81.60 per share. This process aligns with the Investment and Securities Act and the Securities and Exchange Commission (SEC) regulations governing mergers, acquisitions, and takeovers. The acceptance period for the MTO opened on March 14, 2025, and will close on April 4, 2025, providing qualifying shareholders the opportunity to consider and respond to the offer.
Company’s Commitment to Public Listing
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 Girish Sharma emphasized that Guinness Nigeria remains steadfast in its mission of excellence, innovation, and market leadership, with its long-standing heritage intact.
Impact on Corporate Governance and Employees
The company has also reassured employees that job security and corporate governance structures will remain unchanged post-transaction. This assurance highlights Guinness Nigeria’s commitment to maintaining operational stability and fostering a conducive work environment during the takeover process.
Conclusion
Guinness Nigeria’s decision to remain publicly listed amidst the MTO reflects its dedication to its stakeholders and the Nigerian market. By upholding its listing status and ensuring transparency throughout the takeover process, the company continues to demonstrate its commitment to excellence and corporate governance.
