Fin24

Tiger to unbundle Adcock Ingram

2008-07-21 09:02

Johannesburg - Industrial group Tiger Brands said on Monday that it will, subject to a number of conditions, unbundle and separately list its healthcare interests, Adcock Ingram Holdings on the JSE in the "Pharmaceuticals" sector of the Main Board on Monday, August 25.

Tiger Brands will distribute all of the Adcock shares held by the company to its shareholders recorded in the register at the close of business on Friday, August 29.

All shareholders will receive one Adcock share for every one Tiger Brands share held by them.

The proposed unbundling and separate listing of Adcock is subject to the shareholders of Tiger Brands passing the required resolutions at a general meeting of the company to be held on Thursday, August 14.

Tiger Brands CEO Peter Matlare said: "The unbundling and subsequent listing of Adcock will create a focused, leading independent South African healthcare company.

"The listing will enhance the strategic flexibility of Adcock so as to enable it to embark on its own strategy to grow by acquisition and internationalise the healthcare business."

The circular, including the notice for the Tiger Brands general meeting, and the Adcock pre-listing statement will be posted to shareholders on Tuesday, July 29.

- I-Net Bridge

I-Net Bridge (Business)