UAC of Nigeria Plc (UAC) has acquired majority stake in Livestock Feeds Plc, one of the leading animal feeds producers in the country.
UAC of Nigeria Plc, a diversified conglomerate in Nigeria with operations in foods, paints, logistics and real estate, now owns 51percent share in Livestock Feeds Plc, the third largest producer of animal feeds by market share in Nigeria.
The transaction has been concluded via a special placement and places UACN as the majority shareholder with a shareholding of over 51percent in Livestock Feeds having previously acquired in excess of 11 percent of the company’s share capital through secondary market trade.
The transaction has received the required statutory approvals.
Commenting on the rationale for the transaction, Larry Ettah, Group Managing Director/CEO, UACN said: “This strategic acquisition is industry-defining and underscores our strategy to position UACN Group as a portfolio of companies with exposure to the growth segments of the Nigerian economy.”
“The addition of Livestock Feeds to our business brings our combined share in the Nigerian animal feeds market to 32percent. It enhances our response to demand in the industry and provides us with an immediate opportunity to diversify our manufacturing and sales locations. Further benefits will accrue from the attractive synergies in the supply chain as well as in distribution.
IHEANYI NWACHUKWU
