S. Africa's Tiger Brands to boost stake in Dangote Flour - CNBC Africa

S. Africa's Tiger Brands to boost stake in Dangote Flour

Western Africa

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A Dangote flour mill. PHOTO: Dangote

This development between the two companies was announced by a Tiger Brands financial advisor on Friday.

Tiger Brands bought a 63.35 percent stake in the firm in 2012 from Dangote Industries, owned by Africa's richest man, Aliko Dangote, for 181.9 million dollars.

The latest bid by the company seeks to raise its ownership to around 70 percent through the purchase of an additional 332.5 million ordinary shares at 9.50 naira per share, the public notice said.

Nigerian advisory services company Vetiva Capital Management said the bid would take place between Friday and the end of the month.

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