Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 229,697 additional units in the shares of the company.
This was disclosed by the company in a notification sent to the Nigerian Stock Exchange, which was seen by Themoneymetrics.
The purchase according to the notification signed by the Company’s Secretary, Bode Ayeku, was made on the bourse in a single transaction on 11th, September.
This disclosure is a regulatory requirement that must be reported to the Nigerian Stock Exchange, especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.
The breakdown of the transaction, shows that the purchase consideration for the 229,697 additional units of Nestlé Nigeria shares at an average price of N1,249.65 per unit is put at N287 million.
This purchase and previous purchases strengthen Nestlé S. A’s status as the parent company of the subsidiary. So far, the company has accumulated a total of 977,744 additional shares worth N1.165 billion since 20th August.
As of June 30th, in line with the shareholding analysis of Nestlé Nigeria in its half-year financial results, the company had exactly 792,656,252 shares outstanding, with Nestlé S.A being the majority shareholder with 524,559,457 units, which amount to 66.18% of the total shares of the company outstanding.
Hence, with the purchase of 229,697 additional units, and previous purchases from 20th August till date, which amount to 977,744 units. Nestlé S. A’s ownership percentage of Nestlé Nigeria is now put at 66.30%.
What it means: Insider transactions, both sales and purchases, are often a sign of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the major shareholders are strengthening their existing holdings.
The purchase of the shares of Nestlé Nigeria by Nestlé S.A has reduced the volatility of the company share price, with the parent company consistently mopping up stray volumes on the bourse.
About the company
Nestlé Nigeria PLC is one of the largest foods and beverage companies in Africa, and the largest consumer goods company by market capitalization. Nestlé Nigeria Plc engages in the manufacturing, marketing and distribution of food products including purified water. It also exports some of its products to other countries within Africa.
It has three product segments: Food, Beverages, and seasoning. The Food segment engages in the production and sale of Cerelac, Nutrend, Nan, Lactogen and Golden Morn. The Beverages segment engages in the production and sale of Milo, Chocomilo, Nido, Nescafe and Nestlé Pure Life. While the seasoning segment engages in the sale of Maggi cubes.
Lagos says blue, red rail lines will be ready by December 2022
The state government expects the 2 lines to change the transport landscape of the state when fully operational.
The Lagos State Government has revealed that the Lagos Blue and Red rail lines will be operational by December 2022.
This is as the state government expects the 2 lines to change the transport landscape of the state when fully operational, and part of the traffic management plan to actualize the Lagos Rail Mass Transit.
According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the General Manager of the Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, during a visit by the officials of the Office of Transformation, Creativity and innovation, (Office of Head of Service) on Wednesday, in Lagos.
Akinajo said that LAMATA was working assiduously to ensure the delivery of the rail lines to passenger operation by December 2022.
What the General Manager of LAMATA is saying
Mrs Akinajo, in her statement, said, “These two lines will change the transport landscape of Lagos when operational. We have a transport master plan which speaks to the vision of Gov. Babajide Sanwo-Olu on transportation.
“We have six rail lines and one monorail, 14 Bus Rapid Transit (BRT) corridors, over 20 water routes and we are sure that when all of these are properly harnessed, Lagos will join the league of cities with an efficient transport system.
“We have advertised four other rail lines for the private sector to invest. We are working on the private sector so they could bring in about 1,500 high capacity buses by 2022. We would be launching our First Mile Last Mile scheme very soon. We are working on the construction of two interchanges at Mile 2 and CMS. We want to ensure that Lagosians travel in comfort.”
The LAMATA boss explained that the vision of an intermodal integrated transport system was meant to create choices for Lagos commuters without stress to achieve their daily commute needs, and meet up their economic and social engagements.
Akinajo also disclosed that LAMATA had opened up 57 routes for operators which include the 2 main transport unions, the National Union of Road Transport Workers and the Road Transport Employers Association of Nigeria.
While noting that they were currently operating on the Oshodi-Abule Egba BRT corridor and other standard bus routes, she told the officials that LAMATA needed to increase its manpower as the transport networks unfolded, and an office complex to accommodate its staff.
What you should know
- It can be recalled that about 2 weeks ago, the Lagos State Government announced the temporary closure of the Yaba overpass for 3 weeks for Red Line soil testing.
- The Lagos Rail Mass Transit is an urban rail system being developed in Lagos. The system is managed by LAMATA.
- The railway equipment including electric power, signalling, rolling stock, and fare collection equipment will be provided by the private sector under a Concession Contract. LAMATA is responsible for policy direction, regulation, and infrastructure for the network.
- The first 2 lines of the urban light rail project are estimated to cost $1.4bn. The Red line will be 30km long and will run between Marina and Agbado. The Blue line will be 27km long, connecting Okokomaiko to Marina.
- The Blue line will cost $1.2bn and is being funded entirely by the Lagos State Government.
Lagos to totally close Third Mainland Bridge again ahead of full reopening
Lagos State Government has announced a 24hour closure of the Third Mainland Bridge from midnight Friday, February 26.
The Lagos State Government has announced that it will shut down the Third Mainland Bridge for 24 hours from midnight Friday, February 26 to midnight Saturday, February 27.
The expected total closure of the bridge is to enable the contractors to move the equipment used for its rehabilitation and maintenance ahead of the full reopening of both the Oworonshoki and Adeniji bound lanes open to traffic.
The disclosure is contained in a statement issued by the Lagos State Commissioner for Transportation on Wednesday, February 24, 2021.
Oladeinde, therefore, advised motorists approaching the Third Mainland bridge from Ogudu, Alapere and Gbagada to use Ikorodu Road, Jibowu and Yaba, as alternative routes, while Iyana Oworoshoki-bound traffic from Lagos-Island, Iddo, Oyingbo, Adekunle and Yaba are to use Herbert Macaulay Way, Jibowu and Ikorodu Road as alternative routes.
The Commissioner assured that traffic management personnel would be deployed along the affected routes to minimize the impact of the shutdown and address any traffic impediments during the closure.
He was also full of commendation for Lagosians for their cooperation during the prolonged repair works of the bridge and assured that the bridge is now safe for use by everybody.
What you should know
- The Federal Government had on July 24, 2020, announced the partial shutdown of the Third Mainland Bridge for a period of 6 months for another round of rehabilitation works.
- This was extended by an extra one month due to disruption caused by the #EndSARS protests last year, when the re-opening date moved to February 15, 2021.
- The Federal Government later announced that the bridge, which was to reopen on February 15 will no longer be opened as work was expected to commence on the casting of the last expansion joint on the bridge before it will be finally reopened.
- The 11.8km bridge, which was commissioned in 1990 by the then Military President, Ibrahim Babangida, is the longest of the 3 bridges connecting Lagos Island to the Mainland.
London’s Heathrow airport slides into £2 billion annual loss
Following the devastating impact of the COVID-19 pandemic, London’s Heathrow airport has recorded a net annual loss of £2 billion in 2020.
London’s Heathrow airport has recorded a net annual loss of £2 billion in 2020, underlining the devastating impact of the coronavirus pandemic on the aviation sector.
This is as 2020, which has been identified as one of Heathrow’s most challenging years has record passengers’ level not seen since the 1970s.
This disclosure is contained in a public statement seen on the company’s website and seen by Themoneymetrics.
The company said that the number of passengers dropped to 22.1m, more than half of the numbers that travelled in January and February. It pointed out that the overall revenue fell 62% to £1.2bn and adjusted earnings before interest taxes depreciation and amortization (EBITDA) fell to £270m.
The company said in order to weather the storm, realizing that airports have very high fixed costs, it acted quickly to cut gross operating costs by nearly £400m, reduced capital expenditure by £700m and raised £2.5bn in funding including a £600m capital injection. The firm ended the year with £3.9bn of liquidity, enough to see us through until 2023.
The airport which is one of the busiest in the world reported a 28% decline in cargo volumes, showing the cost to the economy of shutting down aviation.
Passenger planes from Heathrow are the UK’s global trading network, carrying British exports and inbound supply chain. Economic recovery will be held back until long haul passenger flights are restarted, especially to key markets such as the US
The Chief Executive Officer of Heathrow, John Holland-Kaye said, “We can be hopeful for 2021, with Britain on the cusp of becoming the first country in the world to safely resume international travel and trade at scale. Getting aviation moving again will save thousands of jobs and reinvigorate the economy.”
He also said, “2020 has been one of our most challenging years – but despite £2bn of losses and shrinking to passenger levels we haven’t seen since the 70s, I am hugely proud of the way that our colleagues have kept our passengers safe and the UK’s hub airport open for vital supplies throughout. We can be hopeful for 2021, with Britain on the cusp of becoming the first country in the world to safely resume international travel and trade at scale.
’Getting aviation moving again will save thousands of jobs and reinvigorate the economy, and Heathrow will be working with the Global Travel Taskforce to develop a robust plan underpinned by science and backed by industry. The Prime Minister will then have the unique opportunity to secure a global agreement on a common international standard for travel when he hosts the G7 in June. In the meantime, we need next week’s Budget to support aviation’s recovery by extending furlough and providing 100% business rates relief.”
What you should know
- The United Kingdom is one of the countries most affected by the coronavirus pandemic, with the aviation sector one of the most affected due to the lockdown.
- The International Air Transport Association (IATA) had called for urgent government assistance and warned that airlines would lose $252bn (£215bn) in revenues in 2020, more than double its earlier worst-case forecast.
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