By G9ija

Nestle Nigeria Plc has sold up to N90.29 billion worth of its equities to its South African counterpart, Nestle South Africa.

This was contained in a corporate notice on insider dealing on Tuesday, signed by its Company Secretary, Bode Ayeku.

The acquisition happened in two tranches on Monday and Tuesday on the floor of the Nigerian Exchange Limited (NGX) in Lagos.

According to the notice, 40,000 ordinary shares of Nestle Nigeria were sold at N1,092 per share, amounting to N48.68bn, in tranche one.

A second tranche saw 37, 967 shares sold at N1,096, translating to a total of N41.61m.

The two transactions stood at a total of N90.29bn worth of shares.

By this activity, Nestle SA has reinforced its position as the majority shareholder in the Nigerian subsidiary.

Nestle Nigeria in its 2022 financial report disclosed revenue of N446.8bn, an increase of 27 per cent over the N351.8bn recorded in the previous accounting year.