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    TBS   ZAE000071080

TIGER BRANDS LIMITED

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Nigeria's UAC to buy minority stake as S.Africa's Tiger Brands exits

08/29/2021 | 02:13pm EST

ABUJA, Aug 29 (Reuters) - Nigerian conglomerate UAC Plc has signed an agreement to acquire the minority shares of its unlisted subsidiary UAC Foods from South Africa's Tiger Brands next month, it said.

The sale makes Tiger Brands the latest South African business to exit Nigeria, Africa's most populous nation and largest economy, where economic weakness last year curbed consumer demand, input cost rises have cut into margins and currency volatility has further eroded profits.

UAC, with interests in real estate, paints and livestock feed, said it will operate Tiger Brands' food company, after the acquisition closes in September.

Tiger bought 49% of UAC's food business in 2010, when Nigeria was touted as the next growth spot for retailers.

Other South African companies that expanded into Nigeria and have since decided to leave are Shoprite and Massmart .

Recession in Nigeria in 2020 sapped demand, although the economy has recovered, growing 5% in the second quarter of this year.

(Reporting by Chijioke Ohuocha; editing by Barbara Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MASSMART HOLDINGS LIMITED -1.08% 60.26 End-of-day quote.43.41%
TIGER BRANDS LIMITED 1.41% 181.76 End-of-day quote.-12.69%
UAC OF NIGERIA PLC 0.00% 10 End-of-day quote.37.93%
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Financials
Sales 2022 33 088 M 2 067 M 2 067 M
Net income 2022 2 570 M 161 M 161 M
Net cash 2022 2 383 M 149 M 149 M
P/E ratio 2022 11,9x
Yield 2022 4,80%
Capitalization 30 133 M 1 902 M 1 882 M
EV / Sales 2022 0,84x
EV / Sales 2023 0,80x
Nbr of Employees 10 158
Free-Float 94,6%
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 181,76 ZAR
Average target price 203,25 ZAR
Spread / Average Target 11,8%
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Managers and Directors
Noel Patrick Doyle Chief Executive Officer & Executive Director
Deepa Sita Chief Financial Officer & Executive Director
Geraldine Joslyn Fraser-Moleketi Chairman
Maya Makanjee Independent Non-Executive Director
Mark John Bowman Independent Non-Executive Director
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