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Tiger Brands buys 63% Dangote Flour
Tiger Brands buys 63% Dangote Flour

Tiger Brands buys 63% Dangote Flour

FMCG SUPPLIER NEWS

IOL Business - Oct 5th 2012, 07:46

Nigerian billionaire Aliko Dangote on Thursday sold 63 percent of Dangote Flour to South African consumer goods firm Tiger Brands in a deal worth $188 million, brokers said.  

The sale of 3.1 billion shares on the Nigerian Stock Exchange was done at 9.50 naira ($0.06) per share, after regulators' approval last month.

The deal is Tiger Brands' third and its biggest yet in Nigeria, Africa's second-largest economy with 160 million people, which is seen as a growth area for consumer and food products.

The billionaire's holding firm Dangote Industries Limited will retain a 10 percent stake in the flour miller after the

Shares of Dangote Flour were trading flat at 8.59 naira on the local bourse at 15:15 SA time, as brokers said the deal had already been priced in. 

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