The Aswani family of Singapore is continuing to increase its stake in Guinness Nigeria, even as the brewer’s share price pulls back from its recent highs. Through N-Seven Nigeria Limited, a subsidiary of Tolaram Group, the family purchased an additional 550,092 Guinness Nigeria shares on August 28, spending about N210.87 million, according to a share dealing notification filed with the Nigerian Exchange.
The latest purchase may appear small compared with the family’s existing holding, but it further strengthens Tolaram’s control of the brewer. N-Seven already held 1.552 billion Guinness Nigeria shares, representing a 70.86% stake at the end of December. Following the latest transaction, its holding has risen to approximately 1.553 billion shares, now worth about N597 billion at a share price of N384.80.
What makes the investment particularly striking is how much Guinness Nigeria has risen since Tolaram acquired control. Diageo agreed to sell its 58.02% stake to Tolaram in 2024 at N81.60 per share, while Tolaram later acquired additional shares from minority shareholders through a mandatory offer. Across both transactions, the Singapore-based group invested roughly $87 million, leaving it with an estimated paper gain of about $343 million based on the current value of its Guinness Nigeria holding.
The latest buying also comes despite a decline in the brewer’s share price. Guinness Nigeria traded as high as N462.90 on April 10, putting Tolaram’s stake at roughly $497 million at the time. At the N384.80 price around the latest purchase, the stock is about 17% below that level. Rather than stepping away, however, Tolaram has continued to add to its position, signalling its longer-term confidence in the Nigerian consumer market and the brewer’s prospects.
Tolaram is no stranger to Nigeria, having built a major consumer business around brands such as Indomie over several decades. The group’s growing position in Guinness Nigeria also comes as the brewer returns to profitability and resumes dividend payments. Its majority stake has already generated roughly $8.4 million in dividends, adding another layer of returns to an investment that has delivered a substantial gain on paper. With the Aswani family still buying, investors will be watching closely to see whether Tolaram’s latest move is the beginning of another phase of accumulation in Guinness Nigeria.
