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LequteMan
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South Africa's biggest consumer food maker, Tiger Brands, has announced that it would sell its 65.7 percent stake in its loss making Nigerian division to Dangote Industries Limited.
Tiger Brands said Dangote Industries will give Tiger Brands an immediate cash injection of 0.7 billion rand ($46.1 million).
Tiger Brands will assume and settle the unit's debt of 0.4 billion rand, Reuters said.
Tiger Brands has not made money from Tiger Branded Consumer Goods Plc of Nigeria (TBCG), formerly known as Dangote Flour Mills, since paying nearly $200 million for a 65 percent stake in the firm three years ago.
Tiger Brands said Dangote Industries will give Tiger Brands an immediate cash injection of 0.7 billion rand ($46.1 million).
Tiger Brands will assume and settle the unit's debt of 0.4 billion rand, Reuters said.
Tiger Brands has not made money from Tiger Branded Consumer Goods Plc of Nigeria (TBCG), formerly known as Dangote Flour Mills, since paying nearly $200 million for a 65 percent stake in the firm three years ago.
