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Nestlé S.A acquires additional shares of its Nigerian subsidiary worth N4.9 billion

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1637158805 Nestle Nigeria

Nestlé S.A, a renowned Switzerland based consumer goods giant and parent company of  Nestlé Nigeria, has increased its stake in its Nigerian subsidiary with the acquisition of shares worth N4.9 billion.

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According to a recent notice signed by the Secretary of Nestle Nigeria, Bode Ayeku, and filed with the Nigerian Exchange Limited (NGX), the Swiss-based firm purchased an additional 3,520,974 units of shares in its Nigeria subsidiary, at a unit price of N1, 395 per share.

This puts the total purchase consideration for the shares of Nestlé Nigeria by the Swiss multinational at N4.91 billion.

The breakdown of the deal which occurred on the floor of the Nigerian Exchange Limited (NGX) in Lagos showed that transaction took place in two tranches. In the first tranche, the parent company purchased 179,030 additional units of its Nigerian subsidiary shares at a unit price of N1400 per share, totaling N250.6 million. It subsequently followed this up with the acquisition of an additional 3,341,944 units of its Nigerian subsidiary shares, at a unit price of N1,390 per share, totalling N4.65 billion. The transactions occurred on the 15th and 16th of November 2021, respectively.

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It is pertinent to note that dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company. This is in compliance with NGX’s policy on insider dealing, aimed towards ensuring transparency and reinforcing the trust of the investing public.

Recall that as at 30th of June, 2021, Nestle S.A owned about 533,270,982 units of ordinary shares in Nestle Nigeria Plc., translating to about 67.28% of the latter’s total shareholdings. In a bid to strengthen its ownership and control in the company, the Swiss-based consumer goods giant have in recent times purchased additional shares in its Nigerian subsidiary.

As of press time, Nestle Nigeria Plc is currently trading N1, 390 per share on the local bourse. It is one of the five stocks worth over one trillion in market capitalization (SWOOT).

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Source: NairaMetrics

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El Salvador Buys Additional 150 BTC as price Falls Below $50,000

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El Salvador Bitcoin

Many in the cryptocurrency community are now calling the President of El Salvador a Chief Executive Officer (CEO) as he has managed his country like a CEO would a company. He has now allocated his ‘company’s’ treasury into Bitcoin, as he aims to ‘Buy the dip’, anytime there is a price drawdown in the asset class.

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Today ‘CEO’ Nayib Bukele took to Twitter to announce that his ‘company’, El Salvador, just bought an additional 150 BTC, adding to the 100 BTC the Latin American nation bought when Bitcoin’s price fell below $60,000.

He stated, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 🥳 #Bitcoin 🎄” He further explained that he missed the bottom as Bitcoin traded as low as $42,874.62 according to coinmarketcap. He stated, “missed the f***ing bottom by 7 minutes.”

What you should know

This purchase puts El Salvador’s Bitcoin reserve at a total of 1,270 BTC, which is worth nearly $61.6 million at the time of writing. On the 26th of November, just 8 days ago, the President announced the purchase of 100 BTC.

The Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.

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President Nayib Bukele first announced that El Salvador would be making their first major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. The nation has seen added 1,020 BTC, with the nation buying whenever there has been a major sell off in the price of Bitcoin.

Nayib Bukele has proposed several initiatives in the country around Bitcoin adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.

Conclusion

Since the adoption of Bitcoin as a legal tender, the Salvadoran government has been investing gains onto various infrastructure development projects. In mid-October, the President announced that the $4 million from the profits of their Bitcoin Trust will be used to construct a new veterinary hospital in the capital, San Salvador. Early November, Bukele announced that the surplus earned from the state’s Bitcoin Trust account will be used for constructing 20 new schools.

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However, Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs.

Source: NairaMetrics

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Superalgos is the go to hub for day traders – Luis Molina, CEO

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Luis Molina

The SA token is the native token of the Superalgos platform. It was recently launched on PancakeSwap, a decentralized exchange (DEX), under the ticker ‘SA’. The launch comes after four years of development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on the DEX.

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Molina says, “Our token is a community token and it represents how much you have contributed to the project. The difference between the SA token and other tokens is that others use their token to incentivize security for their respective networks while we don’t need security for our network because our token runs on someone else’s network. What we do is we use 100% of the incentivization power of each token to incentivize contribution to the platform. In the first four years, the contribution was in the form of codes to the codebase to create these tools. We are transitioning to allowing people contribute trading intelligence in the form of indicators, strategies and also signals. The platform will be set up where people will be running bots which produces signals for traders and putting them in the Superalgos network for everyone to benefit.”

Molina concluded by telling us more about the Superalgos application and how traders can benefit from the #1 platform on GitHub. He also gave hints about his top five cryptocurrencies. Click here to watch the full interview.

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Source: NairaMetrics

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