Diageo, which owns majority shares in the company, has agreed to sell its stake to Tolaram Group, which also operates in the country. The deal will see Diageo hold onto the Guinness brand name and ownership of its spirit business in Nigeria where it will continue to operate.accounts. The claim has been reposted more than 5,800 times since it was shared on X on June 11, 2024.
Economic hardships, insecurity, and rising production costs have forced several companies out of Nigeria in recent years. The transformation entailed Diageo selling all its majority stake in the Nigerian subsidiary to Tolaram Group. As part of the deal, Tolaram Group entered licence and royalty agreements with Diageo to continue using the Guinness brand name and produce “its locally manufactured Diageo ready-to-drink and mainstream spirits brands in Nigeria”. The transaction with Diageo is still subject to regulatory approvals and will only be completed in 2025.
Diageo said it would “remain in the country through its wholly owned international premium spirits business built to serve a wider geographic reach across West Africa, with Nigeria as one of the main operational hubs”.Guinness Nigeria said in a statement on April 25, 2024 that its profit jumped from 172.47 billion naira in March 2023 to 220.3 billion naira in March 2024.
“In tandem with revenue growth, operating profit surged by 27%, reaching ₦22.21 billion fuelled by the strong revenue performance,” the company said. https://www.youtube.com/embed/0Feb5iTzJTE
Source: News Formal (newsformal.com)
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