Lagos - South Africa’s largest food company, Tiger Brands, is to increase its stake in Dangote Flour Mills (DFM) to 70 percent by purchasing ordinary shares worth 332.5 million at N9.50 ($0.06) per share, reports Ventures Africa
Tiger Brands currently controls 63.35 percent, following Dangote Industries Limited’s divestment of 3.67 billion ordinary shares to the Johannesburg- based firm for $181.9 million in 2012.
The transaction has already received the provisional approval from the Securities and Exchange Commissions and Nigerian Stock Exchange (NSE).
Tiger Brands also owns 49 percent stake in UAC of Nigeria Plc, and recently acquired Deli Foods Nigeria Limited.
Read more at Ventures Africa
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