Photo by: Bloomberg
South Africa's Tiger Brands said it would sell its 65.7% stake in its loss-making Nigerian division to Dangote Industries Limited for $1.
Tiger Brands, South Africa's biggest consumer foods maker, said Dangote Industries will give Tiger Brands an immediate cash injection of R700-million.
Tiger Brands will assume and settle the unit's debt of R400-million.
Tiger Brands has not made money from Tiger Branded Consumer Goods of Nigeria, formerly known as Dangote Flour Mills, since paying nearly $200-million for a 65% stake in the firm three years ago.