Beverage manufacturing company, Guinness Nigeria, has in a press release, announced its plans to exit Nigeria after nearly 75 years in operation. In a press release signed by the company's legal director/ secretary, Guinness revealed that the company will sell of its controlling shares to Singaporean conglomerate, Tolaram. Guinness further stated that the transaction on change of ownership is expected to be completed by 2025 in line with obtaining the necessary regulatory approval in the country. The news of the brewing company's exit comes after it recorded a 61.9 billion naira loss between July 2023 and March 2024.
Read Also: Daddy Freeze Declares Lack of Washing Machine a Sign of Poverty
Guinness Nigeria, a Nigerian-based subsidiary of Diageo Plc of the United Kingdom, started operations in Nigeria in the year 1950. The brewery in Ikeja was the first Guinness operation outside Ireland and Great Britain. Other breweries have been opened over time: Ogba brewery in 1963 and Benin City brewery in 1973. Guinness's decision to exit Nigeria comes a few months after other multinationals like Shell as well as manufacturing companies GSK and Proctor and Gamble (P&G) made the decision to cease operations in the country.
Comments
Post a Comment