Tiger Brands joins list of South African companies exiting Nigeria with sale of minority stake in UAC Foods

NIGERIA – Tiger Brands, one of Africa’s largest food producers, has exited Nigeria- Africa’s most populous nation and largest economy- after selling its minority stake in UAC Foods.   Tiger Brands, which owns brands including Jungle Oats, All Gold, and Koo, said that Nigeria remains a market of significant potential for the company, and “options will be explored after the closing of the transaction to maximise opportunities in relevant categories”  UAC, with interests in real estate, paints and livestock feed, will take over Tiger Brands’ stake in the company, further cementing its majority ownership…

Read More

Tiger Brands recalls canned products over faulty cans

SOUTH AFRICA – Tiger Brands, South Africa’s largest food manufacturer, has announced the urgent recall of about 20 million KOO, its rainbow brand, and Hugo’s canned vegetable products manufactured between 1 May 2019 and 5 May 2021 over safety concerns due to potentially defective cans. The company’s Groceries division first discovered the defective products in May 2021, prior to the final labelling of the finished product, linking them to a deficient side seam weld that could cause the cans to leak. They were traced back to three different batches of…

Read More

South African food manufacturers Tiger Brands, Unilever suspend advertising amid unrest

SOUTH AFRICA – Tiger Brands, South Africa’s biggest food manufacturer, has halt its advertising campaigns amid widespread unrest in KwaZulu-Natal and Gauteng. “Out of respect for our consumers, Tiger Brands has made the decision to temporarily suspend consumer marketing activities at a time when many of South Africans are facing difficulties in accessing products due to the closure of retail outlets. “We are engaging with government and support efforts by law enforcement agencies to restore calm, reopen key distribution routes and create a safe environment for the resumption of normal…

Read More

Tiger Brands to accelerate innovation, production through launch of US$7m fund targeting food, beverage start-ups

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands is seeking to launch a venture capital fund with an initial capital allocation of about R100 million (US$7.17 million), targeting food and beverage start-ups. The fund, according to reports by Money Web, will be launched in June and it will majorly focus on its home market, South Africa. The capital injection will also invest in technology sectors that are linked to areas which Tiger Brands operates in. “It aims to give food and beverage start-ups the much-needed capital they require…

Read More

Tiger Brands registers decline in full-year profit despite 4% rise in revenue

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands has reported a 4% rise in revenue for the year ended September 30, 2020 from R28.5 billion (US$1.85 billion) registered in 2019 to R29.79 billion (US$1.93 billion). However, its profit for the year fell from R3.8 billion (US$246.6 million) to R1 billion (US$64.8 million) due to SA’s strained economy, the national lockdown and the impact of Covid-19, reports Fin24. “The results for the year have been disappointing, reflecting the challenges faced by the company in maintaining margins in what was…

Read More

Tiger brands anticipates 30% decline in full year earnings

SOUTH AFRICA – Tiger Brands, JSE listed packaged food processor expects its headline earnings per share (Heps) from total operations to decline by between 27 and 30 percent i.e. 357c – 397c, down from last year’s 1 322c. This is a revised earnings guidance for the year to end September, which is slightly higher from the company’s trading statement of August which indicated that its Heps was expected to decline by between 35 and 40 percent. The improvement according to the food company follows a better-than-anticipated operating income performance in the second…

Read More

Tiger Brands finalizes sale of its value-added meat product business to Country Bird Holdings

SOUTH AFRICA – South African food manufacturing giant, has announced the completion of sale of its value-added meat product (VAMP) business units to Silver Blade, a subsidiary of Country Bird Holdings. In August the group announced that it had entered into an agreement with Silver Blade, to acquire the meat processing businesses at Germiston, Polokwane and Pretoria for R153 million (US$8.7m), together with all the inventories located at the units for R158 million (US$9m). With the total transaction amounting to R311 million, R40 million (US$2.3m) will be paid on November…

Read More

Tiger Brands chairman Mokhele to be replaced by former Minister Geraldine Fraser Moleketi

SOUTH AFRICA – Tiger Brands, JSE listed packaged food processor has announced that Khotso Mokhele would step down as chairman of the board on December 31. According to reports by Reuters, Mokhele will be replaced by Geraldine Fraser-Moleketi, a lead independent director at mining firm Exxaro, who will take over on Jan. 1 after a handover period starting from September. Fraser-Moleketi has served in various cabinet roles from 1996 to 2008, including as Minister of Public Service and Administration and Minister for Welfare and Population Development. Recently the food manufacturing…

Read More

Tiger Brands disposes value-added meat products business for US$24.7m to Country Bird Holdings, Molare

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands has entered into two separate agreements to sell its value-added meat product (VAMP) business units as going concerns for a combined R428 million (US$24.7 million). The agreements are with two separate and unrelated purchasers i.e. Molare Proprietary Limited, one of South Africa’s largest pork processors and Silver Blade, a subsidiary of Country Bird Holdings. The first agreement with Molare regards its abattoir business at Olifantsfontein, which Molare will acquire for R100 million (US$5.7m) and a further R17m (US$0.97m) for inventories…

Read More

Tiger Brands names Deepa Sita as group’s CFO

SOUTH AFRICA – South African packaged food group, Tiger Brands has appointed Deepa Sita as the company’s Chief Financial Officer and Executive Director with effect from 1 October 2020. Sita will be taking over from Pamela Padayachee, who has been serving as acting CFO from 1 February 2020 after former CFO Noel Doyle stepped into the CEO role. Pamela Padayachee will assume a senior finance role within the company once Sita assumes her position. “The Board would like to express its appreciation for the professionalism and personal commitment of the…

Read More