Tiger Brands sells 65% stake in Dangote Flour Mills for $1

Dangote

South Africa’s Tiger Brands said it would sell its 65.7 per cent stake in its loss making Nigerian division to Dangote Industries Limited for $1.

Tiger Brands, South Africa’s biggest consumer foods maker, said Dangote Industries will give Tiger Brands an immediate cash injection of 0.7 billion rand ($46.1 million).

Tiger Brands will assume and settle the unit’s debt of 0.4 billion rand.

Tiger Brands has not made money from Tiger Branded Consumer Goods Plc of Nigeria (TBCG), formerly known as Dangote Flour Mills, since paying nearly $200 million for a 65 percent stake in the firm three years ago.

2 COMMENTS

  1. The “Richest Man in Africa” has just conned Tiger Brands the same way he conned gullible Nigerians into buying NASCON, DANGFLOUR and DANGCEMENT after inflated valuations, no thanks to Nigerian Auditors who are just as corrupt as our politicians. Its a good thing that Tiger Brands is cutting its loss and exiting before being tricked to increase its stake. Any discerning investor dealing with anything Nigeria, especially these crooks called Nigerian millionaires must use a very long spoon. The Bank Directors did same thing and have since retired to manage their loot under cover of some useless Foundations. Tantalizers, Omatek, etc all sold dummies to the public and there has been no accountability.

  2. We need to know the reason for this sale. If this is the case did Dangote sell Tiger Brand a Dud company and did Tiger Brand carry out an Asset and liability verification?Due Diligence

Comments are closed.