Suntory Beverage & Food Nigeria Limited announced on Tuesday its plans to expand its presence in the Nigerian food and beverage market as the new owners of the beverage brands, Lucozade and Ribena.
The announcement came after the completion of the sale of the drinks, bottling and distribution business by GSK Consumer Nigeria Plc to Japanese global beverage company, Suntory Beverage & Food.
GlaxoSmithKline Consumer Nigeria Plc (“GSK Consumer Nigeria Plc”) announced on Friday, 30 September that it had completed the divestment of its drinks business including bottling and distribution to Suntory Beverage & Food Nigeria Limited.
The transaction was originally expected to close on 31 August 2016, but GSK requested for additional time to enable both parties to comply with the terms of the Asset Purchase Agreement entered into on 31st March 2016.
GlaxoSmithKline Consumer Nigeria Plc (“GSK Consumer Nigeria Plc”) said on Tuesday it has shifted the closure date to sell its drinks business to Suntory Beverage & Food Nigeria Ltd to 30th September 2016. The transaction was initially expected to close on 31st August 2016.
Suntory Beverage & Food Limited, the Japanese parent of the newly acquired GSK Consumer Nigerian Plc unit, said on Friday that half-year profits fell 4.8% to ¥17.9bn yen ($177m).
The beverage company which derived 38% of its half-year sales from overseas markets said that a stronger yen affected earnings growth. Net income would have risen 3.1% if it wasn’t for currency volatility, the company said. Suntory is forecasting further decline in profits for the rest of the year, with ¥40.5 billion yen forecasted for the 12-month period.
GlaxoSmithKline Consumer Nigeria Plc (“GSK Consumer Nigeria”) said on Monday that shareholders of the company have approved the sale of its beverage unit to Suntory Beverage & Food Nigeria Limited.
GlaxoSmithKline Consumer Nigeria Plc (GSK Nigeria) has put to rest fears of planned lay-offs post sale of its beverage business to Suntory.
Speaking to journalists in Lagos, GSK’s company Secretary, Mr. Uchenna Uwechia, said that the company’s Board of Directors has accepted Suntory Beverage & Food Limited offer to buy its beverage bottling and distribution business.
He noted that the Nigerian Stock Exchange (NSE) has been informed of its proposed plan to sell its beverage business as part of a post listing requirement of the exchange.
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.
