Tiger Brands sells its Ethiopian shares
Tiger Brands recently announced that it has sold its 51-percent stake in an Ethiopian business, EATBI, to the other shareholder in the venture, East Afric Group (EAG). The sum of the transaction has not yet been disclosed.
On the sale of its 51-percent stake, Tiger Brands said in a statement:
"The Board of Directors of Tiger Brands has decided to dispose of the company's 51 percent stake in its Ethiopian business, EATBI, to its partner EAG, which holds the remaining 49 percent Ethiopia remains a market of significant potential and options will be explored to maximise opportunities in relevant product categories."
The sale of its Ethiopian subsidiary follows the sale in February this year of its Nigerian business, Tiger Branded Consumer Goods, to Dangote Industries for a sum of US$47.179 million (R700 million).