Tiger Brands | Food producer exits Nigeria

File: Africa’s largest food producer Tiger Brands has confirmed its selling its minority stake in UAC Foods Nigeria. (eNCA\Screenshot)

JOHANNESBURG - Africa’s largest food producer Tiger Brands has confirmed its selling its minority stake in UAC Foods Nigeria.

The company, which bought the stake more than 10 years ago, will sell it back to its parent company.

Tiger Brands is the latest South African company to exit Nigeria.

Recently Shoprite completed its exit from the West African Country, following similar moves by Mr Price and Woolworths.

The food producer insists Nigeria remains a market of significant potential. Tiger Brands says the deal will not be material on its headline earnings.

Source
eNCA

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