Africa Business

South African company ‘Tiger Brands’ pulls out from Nigeria

Tiger Brands, a South African company that also has ownership of brands like All Gold, Black Cat and Koo has decided and agreed to sell 49% of its minority shareholding UAC Foods to UAC (United Africa Company) of Nigeria.

The UAC of Nigeria said in a published filing on the Nigerian Exchange Group’s website that the deal is trusted to close off in September. UAC of Nigeria currently is in ownership of 51% of the UAC Food’s shares.

Tiger Brands came into minority ownership in UAC Foods in 2011, which resulted in a partnership with a Nigerian firm to produce and distribute foods such as sausages, ice cream as well as water brands.

This is happening just two months after another South African company, Shoprite pulled out and sold its company to West African local investors.

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