A substantial shareholder of Unilever Nigeria Plc, Unilever Overseas Holdings B.V, has increased its stake in its Nigerian subsidiary with the purchase of over 67,094,382 additional shares on August 14, 2020, at the rate of NGN 12.5 per share.
This disclosure was made in a note to the Nigerian Stock Exchange (NSE) by the food and personal care products manufacturer and signed by the company’s General Counsel/Company Secretary, Abidemi Ademola.
The transaction, which was done on the floor of the Nigerian Stock Exchange, is put at NGN838.7million.
Unilever Overseas Holdings B.V is already the single largest investor with over 70% shareholding in the company.
Recently, Unilever Overseas Holdings B.V purchased 17,023,490 ordinary shares at N12 per share. This amounts to NGN204,281,880.
Unilever Nigeria closed at N13 per share on Friday, August 14, on the floor of the Nigerian Stock Exchange with a market capitalization of about N71.81 billion.
See below details of the transaction:
According to the information contained in its 2020 half-year report, Unilever Nigeria suffered a revenue loss of 40% for the three months period ended June 2020 The company reported a revenue of N14 billion between April and June 2020 compared to N23.4 billion for the same period in 2019.
The drop in revenues negatively impacted its half-year 2020 results when compared to the same period last year. For the first half this year (January to June 2020) Unilever reported N27.3 billion compared to N42.6 billion same period last year. The drop in revenue threw the company into a loss per share of 9 kobo compared to 61 kobo same period in 2021.