The Nigeria Stock Exchange (NSE) has suspended the shares of Seven-Up Bottling Co. following a takeover bid from majority shareholder Affelka to minority holders, the nation’s stock exchange said on Friday.
Seven-Up shareholders have passed a resolution to back the takeover bid by Affelka which will see the company delisted from the bourse, the NSE said in a notice.
The suspension is for the purpose of determining the shareholders who will qualify to receive the Scheme consideration following the decision of the company’s majority shareholder, Affelka S.A (“Affelka”), to acquire all outstanding and issued shares of 7-Up Bottling Company Plc that are not currently owned by Affelka.
The company’s shareholders passed a resolution to this effect at the Court Ordered Meeting of the company held on Thursday January, 11 2018.
The suspension is to take effect from January, 12 2018. The Scheme will result in the voluntarily delisting of 7-Up Bottling Company Plc from the Daily Official List of The Exchange.
Seven-Up bottling company Plc is one of the largest manufacturing companies in Nigeria which produces and distributes the brands of soft drinks: Pepsi, Mirinda, Seven Up and Mountain Dew. The company has nine bottling plants with state of the art manufacturing facilities located strategically across the country. Seven-Up Bottling Company also has distribution network with an extensive system of over 200 distribution centers located across Nigeria.
