Business

10 years after shopping for 49% stake, Gala maker, Tiger Manufacturers to divest from UAC

Co-producer of Gala sausage roll, Tiger Manufacturers, has agreed to divest from UAC of Nigeria Plc (UACN).

The South African firm determined to promote its 49 p.c stake in UAC Meals Restricted, one of many subsidiaries in UACN, 10 years after it first acquired the stake within the meals and beverage enterprise.

The 49 p.c is a minority stake which gave Tiger Manufacturers a license to provide and distribute chosen merchandise comparable to Gala sausage rolls, Supreme Ice Cream, and Swan water in Nigeria.

In a discover despatched to the Nigerian Change Group on Saturday, Tiger Manufacturers stated the 49 p.c stake could be offered to UACN in a buyback settlement anticipated to be sealed in September.

That is the second buyback deal involving Tiger Manufacturers as the corporate had additionally offered its 67.5 p.c in Dangote Flour Mills which was acquired in 2012.

READ ALSO: Berger Paints, UAC, Seplat and MTN Nigeria make Ripples Nigeria stocks-to-watch checklist

Dangote Group acquired the bulk stake simply three years after Tiger Manufacturers had invested $200 million within the firm.

The $76 million mortgage the corporate gave to Dangote Flour Mills was additionally written down.

The agency additionally offered its Deli Meals division in 2020.

This got here simply 10 years after it acquired a one hundred pc stake within the unit following a dispute with its distributor, Benny, and Jolly Jus merchandise.

Tiger Manufacturers nonetheless operates in Cameroun, Ethiopia, Kenya, and Zimbabwe.

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Credit score: Theparadise.ng

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