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Disposal of shareholding in East African Tiger Brands Industries of Ethiopia
TIGER BRANDS LIMITED
“Tiger Brands” or “the company”
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS ISIN: ZAE000071080
VOLUNTARY ANNOUNCEMENT REGARDING THE DISPOSAL BY TIGER BRANDS
LIMITED OF ITS 51 PERCENT SHAREHOLDING IN EAST AFRICAN TIGER BRANDS
INDUSTRIES PLC (“EATBI”) OF ETHIOPIA TO EAST AFRICA GROUP PLC (“EAG”)
The Board of Directors of Tiger Brands has decided to dispose of the company’s 51% stake
in its Ethiopian business, EATBI, to its partner EAG, which holds the remaining 49% (the
“Transaction”).
Following a detailed review of the business, which was conducted together with our partner,
including an assessment of EATBI’s core categories in the context of Tiger Brands’ long
term strategic focus and primary competencies, it was decided that EATBI would be better
positioned under the ownership of EAG. This process culminated in EAG making an offer for
Tiger Brands’ 51% shareholding at a price that was considered fair and reasonable.
Ethiopia remains a market of significant potential and options will be explored to maximise
opportunities in relevant product categories.
The impact of the Transaction on Tiger Brands’ earnings, headline earnings and net asset
value per share will not be material.
The agreement relating to the disposal of the shares is subject to a number of suspensive
conditions which are normal for a transaction of this nature, including the receipt of the
necessary regulatory approvals by EAG in Ethiopia. The Transaction is expected to be
formally closed by not later than November 2016.
A further announcement will be made once the transaction has been concluded. The
Transaction is below the JSE Listings Requirements Thresholds and is disclosed for
information purposes only.
Bryanston
09 June 2016
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
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