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Tiger Brands acquires majority share in Nigeria flour mill
This will be Tiger Brands' third and largest acquisition in West Africa‚ in line with its strategic focus on developing its Africa footprint.
"We believe it will present growth opportunities for both organisations and be mutually beneficial. Dangote Flour Mills will add significant scale to Tiger Brands' existing Nigerian businesses‚" Peter Matlare‚ CEO of Tiger Brands said.
Aliko Dangote‚ Chairman of Dangote Industries‚ said he believes the partnership will make a significant contribution to Dangote Flour Mills. "Tiger Brands will bring its expertise in milling to the partnership‚ to further develop and grow the business."
The Dangote Flour Mills group achieved a total turnover of approximately R3.2 billion for its latest financial year ended December 2011. This would increase the contribution from Tiger Brands' consolidated international operations from 15% to 26%‚ on a pro forma basis‚ for Tiger Brands' financial year ended September 2011.
Dangote will retain a strategic interest of 10% in Dangote Flour Mills for a minimum period of five years‚ with Aliko Dangote continuing as Chairman of Dangote Flour Mills.
"Tiger Brands views its strategic relationships with both the Dangote and UAC groups as crucial to its continuing success within the Nigerian FMCG sector‚" Matlare added.
Tiger Brands acquired a 49% joint venture interest in UAC of Nigeria Plc's Food and Beverage businesses in May 2011.
Tiger Brands' operations on the balance of the African continent are based in Nigeria‚ Cameroon‚ Kenya‚ Ethiopia and Zimbabwe.
Source: I-Net Bridge
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