TIGER BRANDS LIMITED - Disposal by Tiger Brands Limited of its 49% shareholding in UAC Foods Limited to UAC of Nigeria Plc

Disposal by Tiger Brands Limited of its 49% shareholding in UAC Foods Limited to UAC of Nigeria Plc

TIGER BRANDS LIMITED
“Tiger Brands” or “the Company”
(Incorporated in the Republic of South Africa)
(Registration number 1994/017881/06)
Share code: TBS ISIN: ZAE000071080

VOLUNTARY ANNOUNCEMENT REGARDING THE DISPOSAL BY TIGER BRANDS LIMITED OF
ITS 49% SHAREHOLDING IN UAC FOODS LIMITED (“UACF”) TO UAC OF NIGERIA PLC
(“UACN’)

The Board of Directors of Tiger Brands has approved the disposal of the
Company’s 49% shareholding in UACF, to its partner, UACN, which holds
the remaining 51% (the “Transaction”).

Following a detailed review of the Nigerian business of UACF, including
an assessment of UACF’s core categories in the context of Tiger Brands’
long term strategic focus and primary competencies, it was decided that
UACF would be better positioned under the full ownership of UACN. This
process culminated in UACN agreeing to acquire Tiger Brands’
shareholding in UACF and the parties have concluded binding agreements
to give effect to the Transaction.

Nigeria remains a market of significant potential for Tiger Brands, and
options will be explored after the closing of the Transaction to
maximise opportunities in relevant categories.

The impact of the Transaction on Tiger Brands’ earnings, headline
earnings and net asset value per share will not be material. The
Transaction is expected to be formally closed on 1 September 2021.

The value of the Transaction is below the disclosure thresholds in terms
of the JSE Listings Requirements and this announcement is for
information purposes only.

30 August 2021
Bryanston

Sponsor
J.P Morgan Equities South Africa Proprietary Limited

Date: 30-08-2021 08:00:00
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