Economy
Shareholders Okays Delisting of 7up Bottling Company From NSE
**To Get N125 Per Share Payment
By Dipo Olowookere
The delisting of Seven Up Bottling Company Plc from the Nigerian Stock Exchange (NSE) has been approved by shareholders of the firm.
As a result of the approval, shareholders of the company will now be paid N125 per share instead of the N112.70 kobo earlier proposed by the board to shareholders.
They will likely begin to get paid from next Monday.
The decision to delist 7up Bottling Company Plc from the stock exchange was reached at an Extra Ordinary Meeting (EGM) of the firm held yesterday at the Grand Ball Room of Eko Hotel & Suites, Lagos.
The meeting was ordered by a court sitting in Lagos.
On December 5, 2017, a Federal High Court in Lagos directed that a meeting of the holders of the fully paid-up ordinary shares of Seven-Up Bottling Company Plc (SBC) be convened for the purpose of considering and if thought fit, approving (with or without modification) a Scheme of Arrangement between Seven Up Bottling Company Plc and the holders of its fully paid ordinary shares (the Scheme).
It was gathered that the delisting process of the firm started when the majority shareholders of Seven Up Bottling Company Plc, Affelka S.A, proposed to acquire all the outstanding and issued shares of the soft drink company not currently owned by Affelka.
It involved the transfer of 171,542,574 ordinary shares of 50 kobo each, with a nominal value of N85,771,287 comprising of the company’s issued and paid up share capital representing the minority shares.
Through the scheme, the shares would be transferred to Sparkplexi Limited, a subsidiary of Affelka S.A the majority shareholder.
At the conclusion of the process, Affelka and Sparkplexi would be the remaining shareholders of Seven Up Bottling Company Plc, with Affelka owning 73.22 percent and Sparkplexi owning 26.78 percent.
Following the scheme, the company will be re-registered as a private limited liability company pursuant to the relevant provision of the Company and Allied Matters Acts (CAMA).
However the company noted in the scheme of arrangement to shareholders that the financial performance of the company over the last couple of years has been predominantly negative, as a result of the myriad of challenges imposed by the unfavourable macro-economic environment, such as sharp currency devaluation resulting in a massive escalation in the cost of raw materials, distribution and other operating costs including overheads, high debt servicing costs due to increases in interest rates and borrowing expenses.
The company added that this is further exacerbated by the extremely competitive environment from existing and new privately owned entrants, flooding the market with cheaper products which makes the company unable to pass on the increased costs to the end consumer.
Accordingly, the board said it believes that the operating dynamics of the company were unlikely to improve in the foreseeable future and that, in the absence of a comprehensive corporate and financial restructuring, the company’s shareholder book value of equity, which lost 47 percent year on year in full year 2017, would be further eroded by the continued losses.
Going forward, Seven Up Bottling Company board said it believes that the current arrangement should create considerable benefits and opportunities’ for the employees and other stakeholders of the company; for instance protection of minority shareholders who experienced 47 percent erosion in shareholder book value of equity in the last financial year.
The restructuring will enable Affelka to provide the support required for Seven Up Bottling Company to shore up the balance sheet and capital required for maintaining and expanding the business. Enhance product portfolio which will enable the company to better compete with its industry competitors, both existing and new entrants and be better positioned to address consumers changing needs. And reinforcement of Affelka’s long term commitment to Seven Up Bottling Company as one of the leading manufacturing companies in Nigeria.
With the final approval given yesterday, shareholders of Seven Up Bottling Company would be paid a cash consideration (as defined in the Scheme Document) by Affelka and/or Sparkplexi, a wholly owned subsidiary of Affelka for the transfer of the said Scheme Shares.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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