LAGOS May 10 Nigerian conglomerate UACN
has acquired a 51 percent stake in agricultural firm
Livestock Feeds for 1.3 billion naira ($8.26
million), the company said on Friday.
CEO Larry Ettah told a conference call that it obtained
regulatory approval for the buy-out in March and was focusing on
integrating the acquisition into its group.
UACN, which has operations including real estate, foods and
haulage, said it expected 2013 pretax profit to hit 12.2 billion
naira ($77.5 mln), up from 10.7 billion naira last year.
It said its food business, which is jointly-owned with South
Africa's Tiger Brand, was the biggest contributor to
the group last year, adding 41 percent to revenues.
UACN forecast turnover of 81.9 billion naira for 2013. Last
week, the company said 2012 turnover rose to 69.6 million naira.
($1 = 157.45 naira)
(Reporting by Chijioke Ohuocha; Editing by Joe Brock)