Unilever Overseas increases stake in local unit by N1.05 bln
Unilever Overseas Holdings B.V on Monday further increased its stake in the local unit of household products maker as it bought total shares worth N842.37 million on the floor of the Nigerian Stock Exchange (NSE), the company said in a regulatory filing.
Unilever Overseas Holdings already has 70 percent majority stake in the local unit and has last week purchased shares worth N204.28 million of the majority through the trading floor of the local bourse.
The regulatory filing signed by Abidemi Ademola, the company secretary said the parent company bought 17,023,490 shares of the local subsidiary at N12 per unit last Monday.
This week, the Holdings also bought additional 67,094,382 shares at N12.5 per share to further consolidate its holdings in the local unit.
The share purchase has substantially raised Unilever Overseas Holdings’ majority stakes in the local unit and reduced the stakes of local investors in the company.
Shares of Unilever rises 10 percent on Monday on the floor of the NSE, closed at N13.75 per unit.