Seven-Up Bottling Company Has Been Removed From Nigerian Stock Exchange
Henceforth, you will no longer be able to buy or sell shares of Seven-Up bottling company.
The company has been bought by another shareholder and the NSE has removed it from the list of companies whose shares could be traded on the floor of Nigerian Stock Exchange.
The NSE approved the voluntary delisting of Seven-Up after it received a takeover bid from its majority shareholder aimed at restructuring the soft drinks bottler.
The stock exchange, which suspended trading in the company’s shares in January, said in a notice that it approved the delisting last week.
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In January, Seven-Up’s minority shareholders backed a $70 million buyout bid by majority investor Affelka, the investment firm of the Lebanese El-Khalil family.
The bottler received the takeover proposal last August after posting losses, in a deal aimed at restructuring the 7-Up, Pepsi and Mirinda distributor.
Seven-Up Bottling last traded at 101.97 naira per share, valuing the company at 65.32 billion naira.
The Seven-Up Bottling takeover comes six years after its main rival Coca-Cola delisted its local bottling unit in a $136 million buyout deal to expand the business and fend off competition.
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