UACN Acquires Tiger Brands’ Stake In UAC Foods
UAC of Nigeria Plc has reached an agreement with Tiger Brands Limited to acquire its minority interest in UAC Foods.
The deal which would be completed in September will see UAC Nigeria Plc purchase minority shareholding of UAC Foods Limited owned by Tiger Brands Limited.
According to details of the transaction, UAC Foods will continue to operate as a subsidiary of UACN.
“UAC of Nigeria PLC hereby announces that it has signed a binding agreement to acquire Tiger Brands Limited’s minority shareholding in UAC Foods Limited. UAC Foods is a majority-owned subsidiary of UACN operating in the packaged food and beverages industry.
“Upon completion of the purchase, UAC Foods will continue to operate as a subsidiary of UACN.
providing nutrition to millions of Nigerians. The purchase is expected to be completed in September 2021.”
UAC Foods Limited is a leading player in the Nigerian packaged food and beverages industry with three distinct business segments – snacks, dairy, and spring water. The company manufactures iconic products including Gala Sausage Roll, Funtime Coconut Chips and Funtime Cupcakes from its factory in Ojota, Lagos.
It manufactures Supreme Ice Cream from its factory at Oregun, Lagos and produces Swan Natural Spring Water from its bottling plant at Kerang, Plateau State. UAC Foods is a private company incorporated in Nigeria and a subsidiary of UAC of Nigeria PLC.
UAC of Nigeria PLC is a holding company with interests organised around four verticals – Animal Feeds and Other Edibles, Paints, Packaged Food and Beverages and Quick Service Restaurants.
The company also has minority interests in a leading logistics services provider, a real estate development company, and a real estate investment trust. UACN has played a prominent role in the development of Nigeria for over a century and is focused on building its subsidiaries and associate companies into market leaders in their respective segments.
UACN’s portfolio includes leading brands such as Gala, SWAN, Dulux, Sandtex, Grand, Vital Feeds, BestMate, Livestock Feeds, Mr Bigg’s and Debonairs Pizza.
UAC Nigeria Plc which trades on the Conglomerate segment on the Nigerian Exchange Limited (NGX) currently has a market capitalisation of N31.550 billion, while its shares are going for N10. 95 per share.
