Nestle S. A., the majority shareholder of Nestle Nigeria Plc, has bought an additional 40, 894 units of the shares of the consumer goods manufacturer.

This was disclosed in an insider trading notice filed on the Nigerian Exchange Limited on Friday

It was revealed that the shares were bought in five tranches and at different rates ranging from N1,034.56 to N1,140. The shares were also bought on different days in one week.

One tranche of 13,855 units was bought at N1, 034.56 per share, followed by another tranche of 3,000 units at the rate of N1,039.80; 5,061 units at N1,044.98; 3, 978 units at N1,047.88 and 15,000 units at N1,140. The entire transaction is worth N44. 01m.

Nestle Nigeria closed trading at N1,148 per share on the floor of the NGX on Thursday.

In March, Nestle S.A. bought 77, 967 units of shares of the Nigerian arm for over N84m. As of December 31, 2022, Nestle Switzerland (Societe Des Products), the ultimate holding company owned 66.18 per cent (2021: 66.18 per cent) of the issued share capital of Nestlé Nigeria Plc.

Meanwhile, the shareholders of the fast-moving consumer goods manufacturer had approved the proposed final dividend of N36.50 for the 2022 financial year.

The approval was given at the 54th Annual General Meeting of the company held in Lagos recently.

The board of directors had recommended the payment of a final dividend of N36.50 (2021: N25.50) per share having earlier declared an interim dividend of N25 for 2022.

The total dividend paid for the year amounts to N61.50.

Nestle recorded a 27 per cent growth in its revenue for last year to N446.81bn from N351.82bn in 2021.

Meanwhile, the Chairman of the board, David Ifezulike, announced his retirement from the company and revealed his successor, Gbenga Oyebode.