Tiger Brands to sell stake in Nigerian unit to Dangote Industries Ltd.

South Africa’s Tiger Brands Ltd. has agreed to sell 65.7 percent stake in its Nigerian division to Dangote Industries Ltd, three years after buying it.  The company acquired controlling shares in Dangote Flour Mills in 2012 for about US$200 million.

Tiger Brands has not made money from Tiger Branded Consumer Goods Plc of Nigeria (TBCG), formerly known as Dangote Flour Mills. With this new deal, Dangote will provide Tiger Branded Consumer Goods Plc of Nigeria with an immediate cash injection of U$46.1 million into the business.

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