Nestle sells stake in Pakistan for 34.2 million Swiss francs

KARACHI: The Société des Produits Nestlé S A (SPN) have acquired 26.778 million shares, constituting 59.05 per cent shareholding of Nestlé Pakistan Limited for 34.201 million CHF (Swiss franc) through share purchase transaction. These shares were owned by Nestlé S A, the parent company of SPN, a bourse filing said on Monday.

“[The] board of directors of the Nestlé Pakistan Limited do not have any interest in this transaction and consider that the terms of the transaction are fair and reasonable as far as its shareholders are concerned,” it added.

Nestlé Pakistan recorded a revenue of Rs32.3 billion for the quarter ended March 31, 2021, an increase of 8.2 per cent compared with the same period of the last year.

The growth was driven by volume increase and pricing management and benefitted from the improvement in the macroeconomic situation of the country.

Other notable shareholders of Nestle Pakistan included IGI Investments Pvt Ltd having 9.75 per cent shares and Packages Limited holding 8.05 per cent stake in the company.

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