GSK Nigeria agrees to sell beverage unit to Suntory
GlaxoSmithKline Consumer Nigeria Plc (“GSK Nigeria”) said on Wednesday, it has accepted and is recommending to its shareholders, a binding offer from Suntory Beverage & Food Nigeria Ltd, a subsidiary of Suntory Beverage and Food Limited (“SBF”) of Japan, for the sale of its beverage unit, which includes bottling and distribution of Ribena, Lucozade and part of its Agbara plant.
GSK further said that the principal terms of the offer will be set out in a circular to shareholders.
If the shareholders were to approve the sale, what remains of GSK Nigeria would be its Wellness, Oral healthcare, Nutrition and Pharmaceutical/Vaccines businesses. The company said it would remain listed on the Nigerian Stock Exchange.
Suntory Beverage and Food Limited (SBF) is a leading soft drinks company headquartered in Japan, with a diverse portfolio of premium and unique brands in categories such as mineral water, Ready-to-drink (RTD) coffee, RTD tea, carbonates, functional drinks, and fruit juices, and with consolidated sales of over 1.2 trillion yen (approx. £6.6bn), 100 companies in its portfolio and 24,000 employees worldwide. SBF is accelerating its growth globally with a focus on five key regions – Japan, EMEA, Asia, Oceania and the USA.