UAC of Nigeria Plc, UACN, has signed a binding agreement to acquire Tiger Brands Limited's minority shareholding in UAC Foods Limited.
The Secretary of UACN, Nkemdirim Agboti, yesterday, in a statement sent to the Nigerian Exchange, NGX Limited, stated: "Upon completion of the purchase, UAC Foods will continue to operate as a subsidiary of UACN. The purchase is expected to be completed in September 2021."
Tiger Brands acquired a minority stake 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 after another South African firm, Shoprite Holdings Ltd., sold its operations in the West African country to local investors.
Also, Tiger Brands in 2015 sold its shareholding in Dangote Flour to Nigerian parent Dangote Industries Ltd., three years after buying it.
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