Singapore conglomerate to acquire Diageo's shareholding in the West African brewery business and continue building on the growth of Guinness in Nigeria.

SINGAPORE - 11 June 2024 - Tolaram announced today that it has entered into definitive documents to acquire Diageo's 58.02% shareholding in Guinness Nigeria PLC, a company listed on the Nigerian Stock Exchange, which produces and distributes Guinness in Nigeria. While Diageo will retain all rights to and ownership of the Guinness brand, it will be licensed to Guinness Nigeria for the long-term, enabling the continued growth and development of the brand in the country under the stewardship of Tolaram.

The Singapore-headquartered conglomerate has a five-decade presence in Africa and is one of the largest consumer packaged goods companies on the continent. Tolaram has forged joint ventures with several leading consumer multinational companies such as Indofood, Kellanova (formerly known as Kellogg Company), Arla, and Colgate-Palmolive. Tolaram operates 30 world-class manufacturing facilities across Africa to produce and distribute leading brands in packaged food as well as personal care and home care.

Sajen Aswani, Chief Executive, Tolaram said, "Our partnership with Diageo to jointly grow Guinness Nigeria underscores our commitment to build on our strong presence and heritage in Nigeria, cultivated over decades of dedication and unwavering confidence in the future of Africa. We take a long-term view on all our investments and this partnership reflects our optimism on the exciting opportunities that lie ahead across the continent."

"The acquisition of Guinness Nigeria marks a pivotal moment in Tolaram's journey of growth and diversification. We are thrilled to welcome a company with such a rich legacy and strong consumer loyalty into our ecosystem. This strategic move not only expands our footprint in the Nigerian market but also presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and stakeholders across the nation," added Haresh Aswani, Managing Director, Tolaram Africa.

This transaction aligns with Diageo's strategy to operate a flexible and asset-light beer operating model while retaining ownership of the iconic Guinness brand.

"I'm excited to announce our new partnership with Tolaram. Guinness has been Nigeria's favourite beer for nearly 75 years. Tolaram share this passion for Guinness and for Nigeria, making them the perfect partners as we continue to grow our business and seek to delight even more consumers in the country," commented Debra Crew, Diageo CEO.

The brand and marketing strategy for Guinness in Nigeria will continue to be influenced by Diageo, in partnership with Tolaram, to ensure long-term growth for Guinness and other Diageo products in the country.

The issuer is solely responsible for the content of this announcement.

Hashtags: #Tolaram