• ABOUT
    • Gama
    • Our Network
    • Media
  • PRODUCTS & SERVICES
    • Gama Compass
    • Innovation & Insight Reports
    • Gama Field Services
    • Gama Market Entry
  • CATEGORIES
    • Food
    • Alcoholic Drinks
    • Non-Alcoholic Drinks
    • Household Care
    • Health & Beauty
    • Pet Care
    • Tobacco
  • STORE
  • NEWS & INSIGHTS
    • Global News
    • Insights
    • Magazine
  • EVENTS
  • CONTACT
Latest Tweets
  • Loading tweets...

Follow @@GamaConsumer

  • ABOUT
    • Gama
    • Our Network
    • Media
  • PRODUCTS & SERVICES
    • Gama Compass
    • Innovation & Insight Reports
    • Gama Field Services
    • Gama Market Entry
  • CATEGORIES
    • Food
    • Alcoholic Drinks
    • Non-Alcoholic Drinks
    • Household Care
    • Health & Beauty
    • Pet Care
    • Tobacco
  • STORE
  • NEWS & INSIGHTS
    • Global News
    • Insights
    • Magazine
  • EVENTS
  • CONTACT
1 MIN READ

Nigeria: Tiger Brands to sell Dangote venture

December 22, 2015
-
Food, Mergers & Acquisitions, Middle East & Africa, Non-Alcoholic Drinks

Tiger Brands, a South African consumer goods firm with a broad brand portfolio, is reported to be selling its struggling Nigerian venture to Dangote Industries as a result of nearly $120 million in write-downs.

According to Fast Moving, Tiger Brands bought two-thirds of a stake in Dangote Flour Mills for almost $200 million from Aliko Dangote, however growing competition and currency devaluations saw the venture run into trouble.

The Daily Mail reports that Dangote Industries is set to provide a cash injection of $46.1 million and added that Tiger Brands would assume and settle the brand’s debt.

Peter Matlare, outgoing CEO, is reported as saying: “We spent a bucket load of cash and shareholders are clearly upset. We had to revise the strategy and how it should look”.

Mr Matlare is said to be stepping down at the end of the year after eight years in charge.

Source: Fast Moving / This Day Llive / The Daily Mail

Tags
Dangote
Tiger Brands
← PREVIOUS POST
Gama News – December 2015
NEXT POST →
Brazil: Coca-Cola acquires dairy producer Verde Campo

Copyright © 2020. Gama. All rights reserved.      Privacy Policy | Legal Notice

 
Nigeria: Tiger Brands to sell Dangote venture - Gama