At a time some multinationals are divesting their stakes in Nigeria, FrieslandCampina has increased its equity stake in its subsidiary FrieslandCampina WAMCO Nigeria PLC (“FrieslandCampina WAMCO”) from 54.58to 67.61 percent. It has acquired 13.03 percent of the shares for a total consideration of approximately 180 million euros.
This huge direct foreign investment is the first offshore signal following President Muhammadu Buhari’s request from the international community to demonstrate faith in his government and in a brighter future for Nigeria.
CEO of Royal FrieslandCampina Roelof Joosten said, in a press statement released globally today: “The size of the market, the growth outlook and the commitment of the Nigerian people to bolstering the stability and economy of the country are the reasons why FrieslandCampina will continue to invest in its subsidiary FrieslandCampina WAMCO.”
FrieslandCampina WAMCO has been a key player in Nigeria since 1954. The Nigerian Peak brand is one of the key brands in FrieslandCampina’s portfolio and enjoys iconic status in Nigeria. FrieslandCampina WAMCO Nigeria produces, packages, markets and distributes a large variety of dairy products and is a major force in fast-moving consumer goods in Nigeria. Besides Peak, its leading brands are Three Crowns and Friso.With this transaction FrieslandCampina demonstrates its commitment to Nigeria and to its dairy market.
Under the terms of the transaction which was executed on the NASD OTC trading platform, FrieslandCampina has acquired 127,184,030 ordinary shares in FrieslandCampina WAMCO at NGN315.67 per share.
The Securities and Exchange Commission of Nigeria has been informed of the transaction.
Photos: Roelof Joosten (red tie), Rahul Colaco (blue tie)