Dec 14 South Africa's Tiger Brands said
it would sell its 65.7 percent stake in its loss making
Nigerian division to Dangote Industries Limited for $1.
Tiger Brands, South Africa's biggest consumer foods maker,
said Dangote Industries will give Tiger Brands an immediate cash
injection of 0.7 billion rand ($46.1 million).
Tiger Brands will assume and settle the unit's debt of 0.4
Tiger Brands has not made money from Tiger Branded Consumer
Goods Plc of Nigeria (TBCG), formerly known as Dangote Flour
Mills, since paying nearly $200 million for a 65
percent stake in the firm three years ago.
($1 = 15.1914 rand)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by