LAGOS
26 March, 2024
UPDATE ON NOTIFICATION OF CHANGE IN DISTRIBUTION MODEL FOR IMPORTED DIAGEO INTERNATIONAL PREMIUM SPIRIT (IPS) BRANDS
NOTICE TO THE NIGERIAN EXCHANGE & GENERAL PUBLIC
This announcement is made by Guinness Nigeria PLC ("Guinness Nigeria") to the Nigerian Exchange Limited ("the Exchange") and the Invesng Public pursuant to Rule 17.6 of the Issuers' Rules (Rulebook of the Nigerian Exchange Limited, 2015 as amended) as an update to its inial announcement dated 5th October, 2023.
Guinness Nigeria Plc and Diageo have, since the said announcement, taken preliminary steps towards the implementaon of the business separaon, which was inially scheduled to be completed by April 2024. However, the transion to the new arrangements is taking longer than expected, hence the April 2024 compleon date is no longer feasible. Accordingly, Guinness Nigeria Plc hereby gives noce of the extension of the separaon of the imported Internaonal Premium Spirit (IPS) brands from Guinness Nigeria Plc's business to now become effecve during the course of Guinness Nigeria Plc's Financial Year 2025.
This update is to advise that Guinness Nigeria Plc will connue to import and distribute Diageo Internaonal Premium Spirits products, including Johnnie Walker, Singleton, and Baileys and others which are imported under its 2016 Sale & Distribuon Agreement with Diageo plc unl the transion process is completed.
We reiterate that the separaon is in line with Guinness Nigeria's long-term growth strategy, and Diageo Plc's decision to establish a new, wholly owned spirits-focused business to manage the importaon and distribuon of its internaonal premium spirits porolio in West and Central Africa. Nigeria will serve as a key hub of that business.
There are no changes to Diageo Plc's shareholding in Guinness Nigeria Plc as a result of this separaon. Guinness Nigeria Plc remains a strong Nigerian company commied to ensuring that its strategic and operaonal acvies deliver sustainable value to our esteemed stakeholders.
By Order of the Board
FOR: GUINNESS NIGERIA PLC
ABIDEMI ADEMOLA (MRS)
LEGAL DIRECTOR/COMPANY SECRETARY
Guinness Nigeria Headquarters, Cocoa Industries Road (Guinness Road), Ogba, Ikeja Lagos| Telephone +234 (01) 2709100 |www.guinness-nigeria.com | RC 771
Directors: Dr (Mrs.) Omobola Johnson (Board Chair) | Ms. Joan Hodgins (Irish) (Vice Chair) | Mr. Adebayo Alli (Managing Director/CEO) | Mr Emmanuel Difom (Cameroonian) (Finance Director) | Ms. Ngozi Edozien | Mr Leo Breen (British) | Ms. Grainne Wafer (Irish) | Mrs. Oluyemisi Ayeni | Prof. Fabian Ajogwu, SAN |
A subsidiary of DIAGEO PLC
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Guinness Nigeria plc published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 13:42:11 UTC.