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Guinness Denies Leaving Nigerian Market After Tolaram Acquisition

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By Adedapo Adesanya Guinness Nigeria has said it is not exiting the Nigerian market after a British multinational alcoholic beverage company, Diageo, agreed to sell its 58 per cent majority shareholding in the company. In a statement, Guinness Nigeria Plc said it “wishes to correct the recent speculations and false/malicious misinformation alleging a plan to exit from the Nigerian market.” Last week, Guinness Nigeria entered a deal with Singapore-based Tolaram Group to acquire the 58 per cent stake but Diageo will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria in the long term. It clarified

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