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A sign is seen at the headquarters of Diageo in London, UK. File photo: TOBY MELVILLE/REUTERS
A sign is seen at the headquarters of Diageo in London, UK. File photo: TOBY MELVILLE/REUTERS

Lagos — Singapore-based consumer group Tolaram on Tuesday agreed to buy Diageo’s 58.02% 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, will 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 ($38.23m) in the first quarter of 2024 compared with a 2.71-billion naira profit during the same period in 2023.

Reuters

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