TIGER BRANDS LIMITED - Update on the disposal of the value-added meat products business

Update on the disposal of the value-added meat products business

TIGER BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
("Tiger Brands" or the "Company")

UPDATE ON THE DISPOSAL OF THE VALUE-ADDED MEAT PRODUCTS BUSINESS

Shareholders are referred to the voluntary announcement released
on the Stock Exchange News Service on 17 August 2020 regarding the
disposal of Tiger Brands’ value-added meat products business
(“VAMP”).

Tiger Brands is pleased to announce that the acquisition of the
abattoir business at Olifantsfontein by Molare Proprietary Limited
(the   “Molare   Transaction”)  has   become   unconditional   and
accordingly the effective date of the Molare Transaction was
Monday, 28 September 2020. Tiger Brands has received the R100
million cash consideration against delivery of the Abattoir
Business to Molare in accordance with the terms of the Molare sale
of business agreement.

The acquisition of the meat processing businesses at Germiston,
Polokwane and Pretoria by Country Bird Holdings Limited (the
“Country Bird Transaction”) remains subject to suspensive
conditions, which are in       the process of being fulfilled,
including that the Competition Authorities in South Africa and
Namibia are evaluating the Country Bird Transaction. Shareholders
will be further updated in this regard in due course.

Bryanston
30 September 2020

Sponsor
J.P. Morgan Equities South Africa Proprietary Limited

Financial adviser and transaction sponsor
Rand Merchant Bank, a division of FirstRand Bank Limited

Legal adviser
Edward Nathan Sonnenbergs Inc.

Date: 30-09-2020 03:40:00
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