Tiger Brands to Sell 49% Shareholding in Nigerian UAC Foods

Tiger Brands Ltd., a South African food producer, agreed to sell its 49% minority shareholding in UAC Foods Ltd. to parent UAC of Nigeria Plc.

The purchase is expected to be completed in September, UAC of Nigeria said in a filing published on the website of the Nigerian Exchange Group. UAC of Nigeria currently owns 51% of UAC Food’s shares.

Tiger Brands acquired a minority state in UAC Foods in 2011, following a joint venture agreement with the Nigerian firm to manufacture and distribute some sausage, ice cream and water brands. It is exiting Nigeria about two months ...