Tag Archives: 7Up Bottling Plc

Nigerian Stock Exchange suspends trading of Seven-Up shares

The Nigerian Stock Exchange (“NSE”) announced on Friday that it was permanently suspending the trading in shares of Seven-Up Bottling Company Plc (“7-Up Bottling Company Plc”) on the floor of “The Exchange” as it tries to determine the shareholders who will receive the Scheme Consideration following the company’s majority shareholder, Affelka S.A (“Affelka”), buyout of the remaining shares of minority shareholders it does not already own.

Seven-Up Minority shareholders agree to firm’s sale

Minority shareholders of Seven-Up Bottling Company Plc on Thursday 11th January 2018 voted to sell their shares to the majority shareholder, Affelka S.A. for ₦21.4bn ($66.5 million).

At a Court-Ordered Meeting in Lagos, shareholders approved the scheme of arrangement for the buyout. With the transfer of 26.8% minority shares to Affelka, the firm’s ownership of Seven-Up increases to 100%.

Affelka ups bid for Seven-Up

Seven-Up Bottling Company Plc announced on Wednesday that Affelka S.A. (“Affelka”), the majority shareholder of the firm has raised its offer price to acquire the remaining shares of minority shareholders it does not already own at a cost of ₦21.4bn ($66.5 million)

Rights Lawyer/Activist back FOBTOB; calls on AFBTE to meet workers’ demands

Human rights activist and labour lawyer, Mr. Femi Aborisade, has called on employers in the Food, Beverage and Tobacco sector, Association of Food, Beverage and Tobacco Employers (AFBTE) to accede to the demands of workers in the sector, (Food, Beverage and Tobacco Senior Staff Association) FOBTOB, by granting them the 20% pay rise they have sought and bring to an end the industrial strike.

Striking workers in Food and Beverage sector suspend strike following mediation by Labour Ministry

Workers in the nation’s food and beverage sector called-off their strike on Wednesday following an intervention by the Federal Ministry of Labour and Employment to mediate between the warring groups.

The strike which began on Monday when members of the Food, Beverage and Tobacco Senior Staff Association (FOBTOB) downed their tools to protest their inability to reach a new collective agreement on wages and other fringe benefits with the employer’s association, the Association of Food, Beverage and Tobacco Employers (AFBTE). Members of FOBTOB were seeking among other things an upward review of their salaries by 20% instead of the 14% agreed to by AFBTE.

Trade Union Congress blames employers in food & beverage sector for strike as it enters day 2

Trade Union Congress of Nigeria (TUC) yesterday blamed the ongoing strike in the food and beverage sector on the employers under the aegis of Association of Food, Beverage and Tobacco Employers (AFBTE).

The strike which is in its second day has grounded activities in the food and beverage sector.

Food, Beverage and Tobacco workers to embark on Strike

Workers in the food, beverage and tobacco sector are set to begin a nationwide strike at the stroke of midnight Monday over what the workers say is a “failure by employer’s body to review salary.”

According to the President of the Food, Beverage and Tobacco Senior Staff Association (FOBTOB), which is the umbrella organization for the workers, Mr. Quadri Olaleye and its General Secretary, Solomon Iji, said on Monday that they had signed a letter urging members in the multinational companies to embark on a nationwide strike to press home their demands.

Court sets date for shareholder vote on Seven-Up acquisition bid

Seven-Up Bottling Company Plc announced on Friday that it would hold a court appointed shareholder’s meeting in January to approve a bid by majority shareholder Affelka S.A. to acquire the remaining shares of minority shareholders it does not already own in a deal worth N19.33bn ($60m).

Seven-Up minority shareholders kick against acquisition bid

Minority shareholders of Seven-Up Bottling Company Plc have railed against the move by the firm’s majority shareholder, Affelka S.A. to acquire the remaining shares of the minority shareholders it does not already own.

Seven-Up announced on Thursday that its board had received an offer from Affelka S.A. (“Affelka”) to acquire the remaining shares of minority shareholders at a cost of ₦112.70 per share for the 171.54 million ordinary shares at ₦0.50 kobo each held by the minority shareholders, which translates to ₦19.33bn ($60 million). The bid price represents 15% premium on the last trade share price of the company on 9th August 2017, the last day prior to the date of the proposal was received from Affelka and 21.8% premium on the trading price as at close of trading on 28th November 2017.

Seven-Up receives buyout offer from majority shareholder, seeks to go private

Seven-Up Bottling Company Plc, the bottler of PepsiCo brands of soft drinks in Nigeria announced on Thursday that its board has received an offer from Affelka S.A. (“Affelka”) to acquire the remaining shares of minority shareholders it does not already own at a cost of ₦19.33bn ($60 million).