Nestle S.A, which is the major shareholder in Nestle Nigeria increased its shareholding in the local subsidiary by 229,697 shares earlier this week at a transaction price of N1,249.65 per share, for a total consideration of N287 million.
Nestle closed trading at N1,450 per share yesterday for a market capitalization of N1.149 trillion.
The stock is up 34 percent in the past year.
Foreign multinationals with substantial shareholdings in Nigerian units have been ramping up purchase of shares in their local subsidiaries, according to data compiled by MoneyCentral.
The equity purchases largely cut across the consumer goods sector with Nigerian Breweries, Unilever, Nestle Nigeria and Flour Mills being the major beneficiaries.