The Nigerian Stock Exchange (NSE) has suspended the shares of Seven-Up Bottling Company (7-Up) Plc following shareholders’ approval of the Scheme of Arrangement by which the majority shareholder, Affelka S.A. would acquire the outstanding 26.8 per cent shares of the company.
The shareholders gave an overwhelming approval at the Court-Ordered Meeting that was convened at the instance of the Federal High Court in Lagos. In a notification to the dealing members on the Nigerian Stock Exchange (NSE), yesterday said, trading in the shares of Seven-Up Bottling Company has been placed on full suspension on the Exchange with effect from January 12, 2018.
According to the notice, the suspension is for the purpose of determining the shareholders who will qualify to receive the Scheme consideration following the decision of the company’s majority shareholder, Affelka S.A, to acquire all outstanding and issued shares of Seven-Up Bottling Company that are not currently owned by Affelka.
“The company’s shareholders passed a resolution to this effect at the Court Ordered Meeting of the company January 11, 2018. The Scheme will result in the voluntarily delisting of Seven-Up Bottling Company from the Daily Official List of the Exchange.”
The chairman of Seven-Up Bottling, Mr. Faysal El-Khalil, said, “We believe that the Scheme will create considerable benefits and opportunities for all stakeholders of Seven-Up Bottling Company and will serve to protect minority shareholders from a continuous erosion of value. Furthermore Seven-Up Bottling Company Plc. is again assured of Affelka’s long term commitment to the Company and Nigeria.”
Seven-Up bottling company Plc is a leading independent manufacturer and distributor of the well-known and widely consumed brands of soft drinks in Nigeria. The Company’s brands include Pepsi, 7UP, Mirinda, Teem, Mountain Dew and Aquafina premium water, which it produces and markets across the country.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
NEWS23 hours ago
Why FEC Suspended National Carrier Project
NEWS20 hours ago
PMB Confirms Zainab Ahmed As Minister Of Finance
NEWS17 hours ago
2019: Dankwambo, Turaki Disagree With Wike’s Claim Over APC Sponsorship
NEWS14 hours ago
Ambode’s Fate Hangs In The Balance As GAC Adjourns Sitting
COVER STORIES17 hours ago
Air Nigeria: FG Backtracks, Suspends Planned National Carrier
NEWS13 hours ago
Primaries: Forum Frowns At Kebbi APC Consensus Arrangement
COVER STORIES17 hours ago
Lagosians Stage Protest In Support Of Ambode’s Re-election Bid
NEWS19 hours ago
Breaking: NFF Presidential Candidate May Be Disqualify On Election Day