South Africa’s Tiger Brands has decided to sell its 65.7 per cent stake in its loss making Nigerian division to Dangote Industries Limited for $1. Tiger Brands said Dangote Industries will give Tiger Brands an immediate cash injection of 0.7 billion rand ($46.1 million) and Tiger Brands will assume and settle the unit’s debt of 0.4 […]
South Africa’s biggest consumer foods firm, Tiger Brands on Thursday reported a surprise fall in annual profit after taking a $134-million write-off charge at its money-losing Nigerian unit. Tiger Brands, which also named a temporary chief executive, said diluted headline earnings per share (EPS) totalled 1,757 cents in the year to the end of September, […]
Aliko Dangote and three other directors have resigned from the board of Dangote Flour Mills as the majority owner, Tiger Brands has cut funding support to its struggling Nigerian division. The decision by South Africa’s Tiger Brands to review its investment in Nigeria was taken after it realized that Investing in Nigeria was a wrong move. Investigation reveals […]
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