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    TBS   ZAE000071080

TIGER BRANDS LIMITED

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End-of-day quote Johannesburg Stock Exchange  -  05-18
141.00 ZAR   +0.01%
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Tiger Brands : Govt Confirms Canned Products Recall

08/09/2021 | 10:06am EDT

The health ministry last week instructed local environmental health practitioners to remove various KOO canned products, Hugo's Baked Beans and Helderberg Peas, produced between 1 May 2019 and 5 May 2021, from Namibian shelves.

The recall excludes all KOO canned fruit products, KOO pilchards and KOO products packaged in glass.

South African manufacturer Tiger Brands recalled the cans, as they may have a defective side seam weld that could cause them to leak. The company said it identified the issue as part of its internal quality assurance processes.

"The Ministry of Health and Social Services, as the custodian of food safety in the country, is hereby requesting environmental health practitioners in the ministry, town councils and municipalities to recall the above-mentioned food products in the best interest of customers," read a statement from the ministry's executive director, Ben Nangombe.

Canned products forming part of this recall cover various KOO canned vegetable products.

South African producer Tiger Brands recently issued a recall of some 20 million KOO and Hugo's canned vegetable products produced between 1 May 2019 to 5 May 2021. Tiger Brands said via a statement the recall was effected due to a small number of defective cans supplied by a packaging supplier.

When contacted for the severity and impact on Namibian consumers, local distributor CIC Pty Ltd referred all queries to Tiger Brands in South Africa.

"No health issues have been reported to date relating to the affected product range. Although there is a low probability of illness and injury, matters of quality and food safety are an absolute priority for Tiger Brands," read the company's statement.

Tiger Brands said it initially took the recall decision in consultation with South Africa's National Consumer Council (NCC) to initiate the precautionary withdrawal in the best interest of consumers.

"If you have KOO or Hugo's canned vegetable products at home that were produced from 1 May 2019 to 5 May 2021 and that form part of the recall, you can return the canned products to your nearest supermarket or wholesale outlet for a refund," said Tiger Brands in a statement. Tiger Brands added it briefed its operational field team to identify impacted stock in stores as well as distribution centres where relevant.

It noted that affected products can be readily identified either via the pallet label, the date code on the can or the label that is affixed to the shrink-wrapped case.

"We would appreciate your urgent and full support in ensuring that the above-mentioned stock is placed on immediate hold at your stores and/or warehouses and returned to Tiger Brands for full credit," said Tiger Brands chief customer officer Luigi Ferrini.

Copyright New Era. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2022 32 711 M 2 065 M 2 065 M
Net income 2022 2 289 M 144 M 144 M
Net cash 2022 1 379 M 87,1 M 87,1 M
P/E ratio 2022 10,3x
Yield 2022 5,90%
Capitalization 22 789 M 1 439 M 1 439 M
EV / Sales 2022 0,65x
EV / Sales 2023 0,61x
Nbr of Employees 10 158
Free-Float 94,4%
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Number of Analysts 7
Last Close Price 141,00 ZAR
Average target price 182,67 ZAR
Spread / Average Target 29,6%
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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
Michael Onochie Ajukwu Independent Non-Executive Director
Thetele Emmarancia Mashilwane Independent Non-Executive Director
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