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Dangote Flour changes name, notifies NSE

By News Express on 19/11/2015

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Dangote Flour Plc has notified the Management of the Nigerian Stock Exchange (NSE) of the company’s change of name to Tiger Branded Consumer Goods Plc.

Company Secretary and Legal Adviser Aisha Ladi Isa said the new name is to better reflect the new ownership of the company as the change in the substantial ownership and shareholding of the company has been approved by the shareholders.

She said in a letter dated September 2nd, 2015 that the change of name was in line with the special resolution passed at the company’s Annual General Meeting (AGM) held last July. She therefore requested the Exchange to effect the change of name as well as use the new symbol of Tiger Branded Consumer Goods, which she said has been approved by the Corporate Affairs Commission (CAC).

News Express reports that Tiger Brands had acquired a 63.35 per cent shareholding interest in Dangote Flour Mills in Nigeria in 2012 for approximately R1.5 billion.

Peter Matlare, CEO of Tiger Brands, had said at the time of the acquisition: “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.” 

The company for the third quarter ended June 30, 2015 recorded an increase in its Group’s revenue from N28.7 billion in the corresponding period of 2014 to N33.1 billion. Its gross profit also to N2.6 billion as against N1.75 billion it recorded in the corresponding period of 2014.

•Photo shows Tiger Brands CEO Peter Matlare.

Source News Express

Posted 19/11/2015 7:00:16 PM

 

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