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Johannesburg - South African consumer goods firm Tiger Brands Ltd said on Tuesday it plans to open up an additional 10 percent of its shares to black shareholders to boost black ownership in the group.
South African companies must meet targets on black ownership, management and procurement as part of a government drive to shift more control of the economy into the hands of the black majority.
The total value of the deal is R2.8bn, based on a volume weighted average share price of R155.86 per ordinary share.
Tiger Brands already transferred some 4% of its then issued share capital to black shareholders in the first phase of the programme in 2005.
The new shares will be issued to Tiger Brand's strategic black partners, Brimstone Investment Corporation and Mapitso Consortium Investments, and various trusts within the company.
- Reuters