Dangote Flour Cease To Exists, Changes Name To Tiger Branded Consumer Goods
Dangote Flour Plc, has changed its name to Tiger Branded Consumer Goods Plc. The Company Secretary of the Dangote Flour, Aisha Ladi Isa, in a notification to the Nigerian Stock Exchange (NSE) said, the new name is to better reflect the new ownership of the company as the change in the substantial ownership and shareholding of the company has been approved by the shareholders.
According to her, change of name is in line with the special resolution pa$$ed at its annual general meeting (AGM), held in July 2015. Tiger Brands Limited, which 63 per cent equity in the company in 2012 recently advised shareholders that it had reached a decision not to provide any further financial support with respect to its investment in Tiger Branded Consumer Goods Plc.
It said it was it was currently exploring various alternatives with regard to its investment in Tiger Branded Consumer Goods Plc.
The withdrawal of funding by Tiger Brands, made to resign as chairman of flour milling firm. Dangote resigned alongside, Dangote resigned alongside Olakunle Alake, AsueIghodalo and Arnold Ekpe as directors.
Based on these developments, the company advised shareholders to exercise caution when dealing in the company’s securities until a further announcement is released.
Tiger Brands acquired a 63.35 per cent shareholding interest in Dangote Flour Mills in Nigeria in 2012 for approximately R1.5 billion.
Chief Executive Officer of Tiger Brands, Peter Matlare, had said: “We are especially pleased with the successful conclusion of this transaction. We believe it will present growth opportunities for both organisations and be mutually beneficial. Dangote Flour Mills will add significant scale to Tiger Brands’ existing Nigerian businesses.”
Meanwhile, the bearish sentiment at the stock market continued with the NSE All-Share Index declining by 0.6per cent to close lower at 28,351.28. Similarly, marketcapitalisation shed N62.4 billion to close at N9.7 trillion.
The negative performance was broadly driven by losses in FBN Holdings Plc (-7.5 p cent), Guinness Nigeria Plc(-5.0 per cent) and Nigerian Breweries Plc (-2.4 per cent).
All sectors closed negative led by the Consumer Goods Index, which dipped by 1.3 per cen. The Oil & Gas and the Insurance Indices fell by 0.9 per cent and 0.5 per cent respectively. The Banking and Industrial Goods Indices shed 0.20 per cent and 0.01 per cent order