Data provided by iNet BFA
Loading...
See More

Tiger Brands buys Nigeria mill stake

Sep 25 2012 08:50 I-Net Bridge & Reuters

Company Data

TIGER BRANDS LIMITED [JSE:TBS]

Last traded 311.36
Change -2.04
% Change -0.01
Cumulative volume 84002
Market cap 59.75bn

Last Updated: 27/08/2014 at 10:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Tiger Brands ups first-half earnings

Tiger chair steps down

Tiger Brands acquires canning firm

Tiger Brands lifts earnings

Tiger Brands anticipates earnings rise

Tiger Brands in acquisition talks

 

Johannesburg - Consumer goods firm Tiger Brands [JSE:TBS] said on Tuesday Nigerian authorities had cleared its R1.5bn purchase of a majority stake in Nigeria’s Dangote Flour Mills.

The deal is Tiger Brands' third and the biggest yet in Nigeria, Africa’s most populous country and second-largest economy which is seen as a growth area for consumer and food products.

“Tiger Brands believes, particularly for consumer goods, that the potential of the Nigerian market is significant,” the company said in a statement.

Tiger Brands will acquire just over 63% of Dangote Flour, a flour and pasta maker owned by billionaire industrialist Aliko Dangote.

Dangote will retain a strategic interest of 10% in Dangote Flour Mills for a minimum period of five years‚ with Aliko Dangote continuing as chairperson of Dangote Flour Mills.

“Tiger Brands views its strategic relationships with both the Dangote and UAC groups as crucial to its continuing success within the Nigerian FMCG sector‚” Peter Matlare‚ CEO of Tiger Brands said.

Tiger Brands acquired a 49% joint venture interest in UAC of Nigeria Plc’s Food and Beverage businesses in May 2011.

Tiger Brands’ operations on the balance of the African continent are based in Nigeria‚ Cameroon‚ Kenya‚ Ethiopia and Zimbabwe.

The company is the second largest flour milling company in Nigeria with a market share of about 30%. It also has about 40% of the country’s pasta market.

Tiger Brands has been ramping up its expansion in fast-growing African markets and last year increased its footprint outside its home base with acquisitions in Nigeria and Ethiopia.


* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.

 
tiger brands
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...