Nigerian Stock Exchange (NSE) has approved the voluntary delisting of Seven-Up Bottling Co after it received a takeover bid from its majority shareholder with the aim of restructuring the soft drinks bottler.
According to Reuters, the NSE, which suspended trading in the company’s shares in January, in a notice approved the delisting. At a court-ordered meeting in Lagos, shareholders approved the scheme of arrangement for the acquisition.
With this, Affelka SA increased its ownership of the Nigerian soft-drink company to 100 per cent by acquiring all the outstanding and issued shares, previously held by the minority shareholders.
On the outcome of its Court Ordered Meeting report released yesterday on the NSE, said, “The Scheme Shares be transferred to Affelka, Sparkplexi or any other nominee of Affelka. The holders of the scheme shares be paid a cash consideration as modified at the court-ordered meeting to N125 per share by Affelka. That upon the scheme becoming effective, the ordinary shares of the Petitioner be delisted from the Daily Official List of The Nigerian Stock Exchange.”
Chairman, Seven-Up Bottling Company Plc, Mr. Faysal El-Khalil said the acquisition will create considerable benefits and opportunities for all stakeholders of the company while also helping 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,” El-Khalil
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