FrieslandCampina has announced that it has increased to more than two thirds its equity stake in FrieslandCampina WAMCO Nigeria PLC, its subsidiary. As a result of the €180 million ($204 million) purchase, the company now owns 67.61% of the shares, compared to 54.58% previously.
CEO of Royal FrieslandCampina Roelof Joosten said: “The size of the market, the growth outlook and the commitment of the Nigerian people to bolstering the stability and economy of the country are the reasons why FrieslandCampina will continue to invest in its subsidiary FrieslandCampina WAMCO”.
FrieslandCampina WAMCO’s leading brands are Three Crowns and Friso, and the company has been present in Nigeria since 1954. It produces, packages, markets and distributes a large variety of dairy products in the country.
The Securities and Exchange Commission of Nigeria has been notified of the transaction, FreislandCampina said.