South African food producer Tiger Brands has agreed to sell its unprofitable Nigerian stake to West African food producer Dangote, three years after buying it.
Dangote will provide an immediate cash injection of $50 million to Tiger Branded Consumer Goods (TBCG) of Nigeria, reports Bloomberg news agency.
“Sufficient capital will be injected into TBCG in order to stabilise the business and place it on a sustainable path,” Tiger Brands was quoted by Bloomberg as saying.
