UAC of Nigeria to acquire Tiger Brands’ minority interest in UAC Foods -

UAC of Nigeria Plc has signed a binding agreement to acquire Tiger Brands Limited’s minority shareholding in UAC Foods Limited (UAC Foods).

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 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.

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At N10.95 per share, UACN closed last Friday, August 27, the company’s share price has risen by 51percent year-to-date (Ytd). UAC of Nigeria Plc, with a free float percentage of 74.17percent as at June 30, 2021 is compliant with The Exchange’s free float requirements for companies listed on the Main Board.

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 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.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.