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Africa’s leading foods and manufacturing conglomerate, BUA Group, on Friday, signed an agreement with FAVA of Italy for the supply and installation of a pasta processing plant with a total capacity of 720tons per day of pasta across 5 lines which, when completed in 2021, will see BUA become the second-largest pasta producer in Nigeria.
This new plant will complement BUA Group’s already existing 720tpd pasta processing plant in Port Harcourt, bringing BUA’s total installed pasta processing capacity to 1,440tons per day across 10 lines by the end of 2021… More details through: https://www.vanguardngr.com/2020/10/bua-group-fava-of-italy-partner-on-720tons-day-pasta-processing-plant/
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Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its ownership percentage of the Nigerian subsidiary to 66.30 per cent.
With the recent purchase of 229,697 additional units in the shares of the company, and previous purchases from August 20 till date, amounting to 977,744 units, Nestlé S. raised its majority shareholding in the Nigerian subsidiary. Nestlé S.A spent about N1.17bn to buy shares of its Nigerian subsidiary in 22 days over three transactions… More details through: https://punchng.com/nestle-s-a-increases-stake-in-nigeria-subsidiary-to-66-3/ Netherlands-based Heineken N.V. has acquired additional equities stakes in Nigerian Breweries in deals valued at about N138.1 million. The latest acquisitions were struck between September 8 and 11, 2020.
Latest insider transaction reports at the Nigerian Stock Exchange (NSE) showed that Heineken, through Heineken Brouwerijen B.V, acquired 3.35 million ordinary shares of 50 kobo each in Nigerian Brewderies (NB) at an average price of N41.16 per share. It had between August 27 and August 31, 2020, acquired 0.192 million ordinary shares of 50 kobo each of NB at an average price of N37.13 per share… More details through: https://thenationonlineng.net/heineken-acquires-more-stakes-in-nigerian-breweries/ The Nigerian Bottling Company Limited has announced the successful installation of a new high-speed canning line at its Ikeja, Lagos plant, as it forges ahead with its business transformation and optimisation plan.
According to a statement issued by Associate Consultant, Content, Chain Reactions Nigeria, Akintayo Abodunrin, the line would increase the company’s production capacity for canned products, thereby reducing production time and making more Coca-Cola can products available across the country. In addition to the increased production capacity, the statement said all Coca-Cola products from the line would come in modern sleek cans… More details through: https://punchng.com/nbc-installs-high-speed-canning-line/ Amber Drinks Ltd has introduced its energy drink product into the competitive Nigerian energy drinks market. Speaking on the launch of Amber into the market, General Manager of Amber Drinks Ltd, Ms Lola Adedeji said her company introduced the new product with a view to offering Nigerian consumers an additional quality option in their energy drinks list and scale of preference.
More details through: https://dailytimes.ng/new-energy-drink-makes-entrant-into-the-nigerian-market/ PZ Cussons Nigeria Plc has advanced discussions on the sale of its food and drinks subsidiary, Nutricima Limited, to Nigerian milk industry leader, FrieslandCampina Wamco Nigeria Plc.
The Board of Directors of PZ Cussons Nigeria has scheduled an Extra-ordinary General Meeting (EGM) of shareholders later this month during which the divestment is expected to be considered and approved by shareholders. Shareholders are expected to approve and consent to the role of PZ Cussons Nigeria as “the property seller of the factory premises of Nutricima, in furtherance of the proposed sale of the business and assets of Nutricima Limited to FrieslandCampina Wamco Nigeria Plc and FrieslandCampina Nederland B.V.’’ The transaction includes the sale and transfers to FrieslandCampina Wamco Nigeria Plc of that portion of land measuring 67,733.235 square metres situate within Plot 20A Ikorodu Industrial Scheme in Ikorodu, Lagos State, carved out from the property covered by Certificate of Occupancy No. 6/6/1998E issued by the Lagos State Government on June 28, 1998 and has been registered as Number six at Page six in Volume 1998E in the Lands Registry of the Lagos State Government, along rights and investment interests in the buildings and improvements… More details through: https://thenationonlineng.net/pz-cussons-to-sell-food-subsidiary-to-friesland-wamco/ The total national household consumption expenditure on food and non-food items stood at $105.78 billion (N40.20 trillion) in 2019, according to the National Bureau of Statistics (NBS).
A similar study conducted in 2009/2010 by the NBS had put total household expenditure at N21.62 trillion. The NBS stated that of the total expenditure in 2019, 56.65 per cent was spent on food while about 43.35 per cent was expended on non-food items. According to the Consumption Expenditure Pattern in Nigeria 2019 report released by the statistical agency, food consumed outside the home, followed by transportation costs and starchy roots, tubers and plantains were responsible for the largest proportion of household expenditure representing a combined 24.16 per cent of total household expenditure during the year under review… More details through: https://www.thisdaylive.com/index.php/2020/05/15/nbs-nigerians-spent-n40-20tn-on-food-transport-others-in-2019/ Ekiti State Governor, Dr. Kayode Fayemi, has described the $5m investment (N2bn) by Promasidor Nigeria Limited to reactivate the moribund Ikun Dairy Farm in the state as a catalyst that will turn around the economic fortune of the state.
The governor said the dairy farm, which would further boost the economy of the state when operational, had made the company a major investor in the state. The governor said this in a statement on Thursday by Promasidor, adding that the reactivation of the ailing industry, which would be done in partnership with Promasidor and the Central Bank of Nigeria, would ensure a daily production of about 10, 000 litres of milk… More details through: https://punchng.com/promasidors-n2bn-investment-in-ekiti-economy-booster-fayemi/ As competition into the absorbent hygiene products, especially baby diapers, continues to increase on the back of Nigeria’s birth rate and population growth, Kimberly-Clark, makers of Huggies baby diapers, recently introduced its new form of diaper, ‘Nappy Pants’ into Nigeria to push for more market share.
The Nigeria market has over 15 diaper brands jostling for market share, while some have emerged top brands with national spread; others are confined to regional segment of the market, holding down their share of the market. Therefore, Huggies seeks to increase its market share with innovative offerings to beat stiff competition in Nigeria, especially within the retail segment of the market… More details through: https://businessday.ng/health/article/kimberly-clark-introduces-nappy-pants-into-nigeria-market/ Cadbury Nigeria Plc has posted net earnings of N1.267 billion for the full year ended December 31, 2019, which translates to 54 percent growth, when compared to N823.085 million realised in the same period of last year.
According to the company’s unaudited financial result obtained from the Nigerian Stock Exchange, the firm’s revenue grew by nine percent to N39.326 billion in 2019 to N35.973 billion posted in 2018. Profit before tax grew by 26 percent from N1.222 billion in 2018 to N1.544 billion in 2019. The company’s cost of sales dropped by 11 percent from N28.017 billion in 2018 to N31.110 billion in 2019… More details through: https://www.newtelegraphng.com/cadbury-nigeria-grows-profit-by-54/ |
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