Singapore’s Tolaram to buy Diageo’s shareholding in Guinness Nigeria

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