Guinness Nigeria Plc has denied recent rumors about its intention to exit the country. The company affirmed that it will remain listed on the Nigerian Stock Exchange. It also explained that Tolaram acquiring a majority stake will allow it the company to benefit from the Group's extensive expertise in manufacturing and distribution.
Guinness Nigeria enjoys a historic and exciting 74-year tradition that has been deeply woven into Nigeria's cultural and economic fabric since the company began operations in April 1950. The company, however, has refuted takeover rumors that were sparked by the recent announcement of the partnership between Diageo and Tolaram Group.
The statement partially states: "The announcement of the partnership between Diageo and Tolaram Group further reinforces unequivocally that Guinness Nigeria remains committed to Nigeria and has no intention of exiting the dynamic Nigerian market.
"Our business will continue strongly, and no jobs or factories will be adversely affected as a result of this new partnership."
The corporation has previously had to deny allegations of a planned withdrawal from Nigeria due to low revenue and reported foreign exchange losses. Guinness Nigeria will continue to produce and market all of its well-known brands, including Smirnoff Ice, Orijin Bitters, Malta Guinness, Guinness FES and Smooth, and Diageo MSS brands like Smirnoff X1, Gordon's Moringa, and Captain Morgan Gold Rum, under a long-term license and royalty agreement.
The company has announced new prices across major product lines while refuting the exit rumors.
Guinness Nigeria's acting commercial director, Olusanya Adesanya, blames the enforced hike on the current state of the economy.
A small stout that retailed for about N500 now goes for between N800-N900
Big Stout retails for N1,000 from N700
Trophy N700 from N500,
Gulder N1,000 from N600,
Malta Guinness N400 now goes for N300.
