Singapore’s Tolaram to buy Diageo’s shareholding in Guinness Nigeria
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SINGAPORE-BASED consumer group Tolaram on Tuesday (Jun 11) agreed to buy Diageo’s 58.02 per cent shareholding in Guinness Nigeria and enter into long-term licence and royalty agreements, the Nigerian brewer said in a statement.
Diageo, which makes Johnnie Walker Scotch and Smirnoff vodka, would retain ownership of the Guinness brand, which it will licence to Guinness Nigeria, along with locally manufactured Diageo ready-to-drink and mainstream spirits.
The transaction is expected to be completed during the 2025 financial year subject to regulatory approvals in Nigeria.
Guinness declared a loss before tax of 56 billion naira (S$50.4 million) in the first quarter of this year compared with a 2.71 billion profit during the same period last year. REUTERS
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