Seven Up Bottling Company has been delisted from the Nigerian Stock Exchange after 32 years in the exchange.
A court order papers posted on the NSE website stated that all shares belonging to Seven-Up will be transferred to Affelka SA, the majority shareholder of the company.
Affelka had earlier offered to pay N112 to buy the company’s ordinary shares in November.
Affelka was also ordered to pay shareholders N125 per share to render the share certificates invalid.
The company has to buy 26.8 percent of shares held by minority shareholders to own 100 percent of Seven Up.
The 26.8 percent represents 171,542,574 ordinary shares of 50 kobo.
Some minority shareholders had opposed the move to buy out shareholders and turn the 57-year old company into a wholly owned subsidiary.
Seven Up Plc was incorporated as a private limited liability company on June 25, 1959, under the name Seven‐Up Limited by Mohammed El-Khalil.
On May 16, 1960, the name was changed to Seven‐Up Bottling Company Limited and in 1978 it became a public company.
The company was listed on the NSE on June 1, 1986.