Business
Aliko Dangote to sell 63.4% stake in Dangote Flour Mills to Tiger Brands Ltd, of South Africa
Aliko Dangote, President and Chief Executive of Nigeria’s Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008. PHOTO/Mike Hutchings/Reuters
Africa’s wealthiest man, billionaire, Aliko Dangote, has agreed to sell a 63.4 percent stake in Dangote Flour Mills Plc to Tiger Brands Ltd., South Africa’s largest food company, Bloomberg has reported.
The Johannesburg Securities Exchange-listed Tiger Brands has reportedly presented the proposed deal to the Securities and Exchange Commission (SEC) of Nigeria for approval and the company will release full details of the deal to the media and its shareholders as soon as the deal gets the nod of approval from the SEC.
(More: South Africa’s Tiger Brands looking to acquire stake in Nigeria’s Dangote Flour)
Earlier reports on the proposed deal suggested that Dangote, a Nigerian commodities tycoon, was looking to sell off his entire stake in Dangote Flour, which he owns through his holding company, Dangote Industries Ltd. Dangote Industries Limited owns an estimated 73.4 percent of the company’s stock, and it is believed that the Nigerian billionaire might be considering retaining a 10 percent stake of the company.
