27.3 C
Lagos
Saturday, September 26, 2020
- Advertisement -

Tiger Brands to Buy Stake in Dangote Flour

Opinion

What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

Tiger Brands, the South African largest consumer foods producer announced on Monday that it is holding talks with the Dangote Group over the acquisition of a stake in its flour milling subsidiary Dangote Flour.

Dangote Flour is listed separately on the Nigerian Stock Exchange along with Dangote Cement which is also controlled by Aliko Dangote, Africa’s richest person.

Unconfirmed reports suggest that Tiger Brands is seeking an eighty per cent stake in Dangote Flour Mills, which produces flour and pasta for the Nigerian market.

This latest move comes after Tiger Brands entered the Nigerian market in 2010 with the acquisition of a stake in the foods unit of leading conglomerate UAC and the outright purchase of privately-held Deli Foods.

However, unlike the cement industry where Dangote is a market leader, the flour unit lags behind Flour Mills PLC in terms of market share.

Shares in Dangote Flour Mills jumped 4.64 per cent to reach a six week high of 4.96 naira while Tiger Brands remained unchanged at 288.21 rand.

If the deal goes through, it would give Tiger Brands a substantial presence in the Nigerian food market as Dangote Flour has a capacity of 4,800 metric tonnes per day.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...