Nigerian conglomerate UAC Plc is set to acquire the minority shares of its unlisted subsidiary UAC Foods from South Africa’s Tiger Brands.
Gatekeepers News reports that an agreement has already been sealed concerning the acquisition which will be completed in September.
With the development, Tiger Brands is the latest South African business to exit Nigeria, Africa’s most populous nation and largest economy.
UAC, with interests in real estate, paints and livestock feed, said it will operate Tiger Brands’ food company after the acquisition deal is completed next month.
Gatekeepers News reports that in 2010, Tiger bought 49 percent of UAC’s food business when Nigeria was touted as the next growth spot for retailers.
Other South African companies that opened in Nigeria and have since resolved to leave are Shoprite and Massmart.
Recession in Nigeria in 2020 weakened demand, although the economy has recovered, growing 5.01% in the second quarter of 2021.
