Tag: HBC

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

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
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). Affelka S.A., which is the investment arm of the El-Khalil family, said it would not vote at the 11th January meeting to decide on the buyout, Seven-Up said in a note to shareholders. Seven-Up announced on Thursday 30th November that it had received an offer from Affelka to acquire the remaining shares of minority shareholders amid losses over the last few years. Sunil Sawney, Vice Chairman of Seven-Up said last Thursday that the aim of the acquisition is to restructure the company, adding that delisting th

Coca-Cola HBC picks long-serving veteran, Bogdanovic as new CEO

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Coca-Cola HBC, on Thursday announced the appointment of Zoran Bogdanovic as its new chief executive officer (CEO), succeeding Dimitris Lois who passed away in October after a brief illness. According to the company, Mr. Bogdanovic will also be nominated as an executive director of the firm at the company’s next General Meeting of Shareholders. Bogdanovic is currently a Region Director, responsible for operations in 12 countries and has been a member of the Coca-Cola HBC’s Operating Committee since 2013. He joined the group in 1996 and has held a number of senior leadership positions including as General Manager of the company’s operations in Croatia, Switzerland and Greece. “Following a thorough process and benchmarking exercise, the board is delighted to announce Zoran’s appointment as ch

Scottish firm Edrington introduces its premium spirits brands to Nigeria

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Edrington, a Scottish-based spirits firm with a wide range of internationally known premium brands has partnered Premium Spirits Nigeria (“PSN”) to enter the Nigerian market. Premium Spirits Nigeria is a business division of the Nigerian Bottling Company Limited (NBC) set up to grow and manage its premium spirits consumer category. According to the brand handlers, they said that Edrington and PS Nigeria partnership would feature promotion of a wide-range of premium Scotch whiskies such as Macallan, Famous Grouse and Highland Park. Speaking during the media launch which took place in Lagos recently, the Director, Premium Spirits Nigeria, Idowu Adedoyin, explained that with this partnership, PS Nigeria would further drive value creation for this niche market. “Under this partnership, there w

Nigerian Breweries raises the stakes; launches ‘Stella Lager’ for the premium beer market

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Nigerian Breweries Plc, on Wednesday unveiled a new premium Lager beer, “Stella”, to give new energy to the consumer beer market. The launch which took place at the Grand Ballroom of Eko Hotels & Suites, Victoria Island, Lagos, was graced by a room full of key stakeholders and consumers including representatives from the brewer itself, including its Marketing Director, Franco Maria Maggi; Sales Director, Hubert Eze; Portfolio Manager, Premium Lager Brands, Tokunbo Adodo; and Brand Manager Global Brands, Oreoluwa Kolawole, amongst others. Speaking at the introduction of the new brand, Maggi said, that the company is passionate about delivering quality and consistent value to its customers. “Nigerian Breweries is passionate about delivering quality and consistent value to our consumers. We a

Seven-Up minority shareholders kick against acquisition bid

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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

Coca-Cola unveils three new variants of Five Alive juice

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Coca-Cola launched three new variants of its popular Five Alive Fruit Juice in Lagos on Tuesday. The soft drinks and juice maker advised Nigerians to reduce their sugar consumption and adhere to a healthy lifestyle. While introducing the new variants to the media, Coca-Cola Marketing Manager, Stills and Flavours, Gbolahan Sanni, said that consuming more fruits daily either by eating or drinking makes one healthy. Consequently, Coca-Cola Ltd has introduced drinks with more natural content to the market. “The new variants contain natural and local fruits such as pineapple, apple, mango, passion fruit and orange. “There is no limit to the number of bottles that can be consumed by an individual because it contains vitamins and minerals that are beneficial to health. “It is made from natural fr

Nestle to close DRC factory

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Swiss food giant Nestle SA announced on Sunday that it would close its factory in Kinshasa, the Democratic Republic of Congo (DRC), a potential market of 80 million but one plagued by poverty and political instability. “We will close our factory and offices by the end of January and continue developing our economic distribution model through third parties,” a company spokeswoman said. The company said that 120 employees will be affected by the closure but pledged to offer them “a series of compensatory measures more favourable than required by local labour laws,” she said. Nestle entered the DRC market in 2009 with a 15 million Swiss francs ($15 million) investment to produce Maggi Stock cubes but has been posting losses ever since. But Nestle is not alone in the contextual economic diffic

Heineken expands into Mozambique; to build $100m brewery

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Dutch brewer Heineken N.V. announced on Monday the laying of foundation stone for its first brewery in Mozambique. The company said that the new brewery which will open in the first-half of 2019 will be located in the province of Maputo, cost $100 million (€85m) to build and have a production capacity of 0.8 million hectoliters a year. Heineken entered the Mozambican beer market in 2016, importing international beer brands including Heineken, Amstel, Amstel Lite and Sagres into the country. The brewer noted that the construction of its first brewery in Mozambique is a major milestone forward for its presence in the country. With the investment, Heineken is targeting the creation of 200 direct jobs in the country and support additional indirect jobs through its entire value chain, adding th

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

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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

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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%.