Business Briefs
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DANGOTE Flour Plc has changed its name to Tiger Branded Consumer Goods Plc. Aisha Ladi Isa, secretary of the Dangote Flour, in a notification to the Nigerian Stock Exchange, NSE, said the new name was to better reflect the new ownership of the company as the change in the substantial ownership and shareholding of the company had been approved by the shareholders.
According to Isa, change of name is in line with the special resolution passed at its annual general meeting held in July 2015. Tiger Brands Limited, with 63 percent equity in the company in 2012, recently advised shareholders that it had reached a decision not to provide any further financial support with respect to its investment in Tiger Branded Consumer Goods Plc.
It said it was currently exploring various alternatives with regards to its investment in Tiger Branded Consumer Goods Plc. The withdrawal of funding by Tiger Brands, made Aliko Dangote to resign as chairman of flour milling firm. Dangote resigned alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe as directors.
Based on these developments, the company advised shareholders to exercise caution when dealing in the company’s securities until a further announcement was released. Tiger Brands acquired a 63.35 percent shareholding interest in the Dangote Flour Mills in Nigeria in 2012 for approximately R1.5 billion.
Peter Matlare, chief executive officer, Tiger Brands, had said: “We are especially pleased with the successful conclusion of this transaction. We believe it will present growth opportunities for both organisations and be mutually beneficial. Dangote Flour Mills will add significant scale to Tiger Brands’ existing Nigerian businesses.”
— Nov 30, 2015 @ 01:00 GMT
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