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

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
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). Affelka S.A. is a holding company for the El Khalil family, the founder of the company and currently holds 73.22% of the company’s shares while it seeks to acquire the remaining 26.78% shares held by others. “As of now, we have received an offer from the majority shareholder of the company. It’s a financial restructuring,” said Sunil Sawney, Vice Chairman, Seven-Up Bottling Company. He said that the company has been running losses for some time and that the aim is to restructure the company, adding th

Nigerian Breweries mulls major changes to its Board as beer war looms

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Nigerian Breweries Plc has scheduled a meeting for Friday, 8th December to consider making major changes to the composition of its Board of Directors. In a letter sent to the Nigerian Stock Exchange (NSE) on Friday, the company said that “One of the items on the agenda is a proposal for changes in the composition of the Board of Directors (“Board”) of the company.” While details of the board changes have not been made public, there are indications that the company may decide to reconsider the appointment of some directors or reduce the number of persons on the 16-member board. Nigerian Breweries is the country’s largest brewer and majorly controlled by Amsterdam-based Heineken N.V. which holds 55.95% shareholding, while other shareholders (foreign and Nigerians) hold the remaining 44.05%.

AB InBev Mexican unit to build world’s second largest brewery

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Grupo Modelo, Mexico’s largest brewer and a subsidiary of Anheuser-Busch InBev has announced plans to construct a new brewery considered the world’s second largest at a cost of 14 billion Mexican pesos ($755 million). The brewery will be located in the city of Alpan, Hidalgo in central Mexico. The construction of the brewery is expected to be completed by March 2019 and will have the capacity to produce nine million bottles of beer per day, according to Grupo Modelo Chief Executive, Mauricio Leyva. Grupo Modelo, which produces beer brands such as Corona Extra, Pacifico, Modelo and Victoria among others, said that the construction of the brewery will create 3,000 jobs and “more than 1,200 direct permanent jobs during the operation phase.” “Through this investment, Grupo Modelo reiterates it

Coca-Cola to launch Stevia sweetened soft drinks in 2018

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Coca-Cola has announced it will pilot a new Coca-Cola drink sweetened with Stevia instead of sugar next year. The beverage giant made the announcement recently during its Investor Day Conference in Atlanta, Georgia, USA. According to the company, Coca-Cola Stevia No Sugar will be 100% sweetened with Stevia, a plant-based sweetener that has zero calories and does not have an aftertaste, a problem the company has faced with previous formulations such as Diet Coke and Coca-Cola Zero. This would not be the first time Coke has used Stevia in drinks. In fact, the company currently markets Coca-Cola Life, which is sweetened with Stevia and cane sugar in 30 markets around the world. The combination results in 35% fewer calories than the Classic Coca-Cola. The difference in the new initiative is th...

Chi launches ‘Chapman Happy Hour by Chivita’ to spice up the party scene

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Chi Limited has unveiled a new variant of its ‘Happy Hour by Chivita’ into the juice market. The new creation called ‘Chapman Happy Hour by Chivita’ joins other popular variants from the brands stable such as Splashing Apple Peach Pear, Groovy Kiwi Mint Lime, Peach Pop, Totally Tropical and Guava Cheer to offer consumers more choices for refreshment. According to the firm, the new Chapman Happy Hour by Chivita contains a blend of fruits and is poised to gain huge acceptance by Nigerians because it infuses our culture and style in a refreshing mix. Chapman is a locally made Nigerian fruit drink that mixes blended fruit juices with Angostura bitters, and a few beverage companies have found ways to commercialize it. Speaking on the unveiling of the new variant, Marketing Director of Chi Limit