Tiger Brands Sells Nigerian Business to Dangote; Shares Surge

  • Dangote to provide cash injection of 10 billion naira
  • Tiger will assume, settle 5.6 billion naira of TBCG's debt

Tiger Brands Ltd., South Africa’s largest food producer, agreed to sell its stake in an unprofitable Nigerian business to Dangote Industries Ltd. three years after buying it. The shares surged in Johannesburg.

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