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Nigeria's UACN buys stake in Livestock Feeds for $8 mln
May 10, 2013 / 3:16 PM / 4 years ago

Nigeria's UACN buys stake in Livestock Feeds for $8 mln

LAGOS, May 10 (Reuters) - 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)

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