Guinness Nigeria Plc has reaffirmed its status as a publicly listed company on the Nigerian Exchange despite the Mandatory Takeover Offer (MTO) initiated by N Seven Nigeria Limited, a subsidiary of the Tolaram Group.
The offer, covering up to 481,362,887 ordinary shares at N81.60 per share, follows standard regulatory procedures in accordance with the Investment and Securities Act and the Securities and Exchange Commission (SEC) rules on mergers, acquisitions, and takeovers.
The company noted that as part of the regulatory process, the acceptance period for the MTO will open on March 14, 2025, and close on April 4, 2025, giving qualifying shareholders the opportunity to consider and respond. Shareholders who have not received the Offer Document by March 7, 2025, can obtain a copy from Veritas Registrars Limited or access it via the Guinness Nigeria website.
It also reaffirmed that the MTO will not result in a delisting from the Nigerian Exchange, as Guinness Nigeria is expected to continue meeting the free float requirements post-offer, allowing shareholders to freely trade their shares on the open market.
Managing Director of Guinness Nigeria, Girish Sharma, who reaffirmed the company’s commitment to stability and transparency, noted that Guinness Nigeria’s legacy of excellence and innovation remains at the heart of its operations.
“Guinness Nigeria has built a legacy of excellence spanning 75 years, and we remain focused on our commitment to delivering quality, innovation, and value to all our stakeholders. The launch of the MTO is in line with regulatory provisions and does not affect our ability to continue operating as a market leader. We remain a publicly listed entity on the Nigerian Exchange and will continue to uphold the highest standards of corporate governance, transparency, and value creation,” he said.
Beyond shareholder concerns, the company has also addressed concerns around corporate governance, board composition, and management structure, confirming that there will be no immediate changes beyond those that arise through the normal course of governance.
Guinness Nigeria also assured its employees that the MTO does not impact their roles, job security, or the company’s operational framework, saying it remains focused on business expansion, talent development, and driving value for its teams.
