UAC of Nigeria Plc: Unbundling of Divisions and Proposed Venture with Tiger Brands, South Africa
24 November, 2010
The Company has notified The Exchange that its Board has resolved to recommend the unbundling of its UAC Foods and UAC Dairies Divisions and the shares of the company in Spring Water Nigeria Ltd into UAC Foods Ltd, its wholly owned subsidiary; and a joint venture arrangement whereby it holds 51% and Tiger Brands Ltd, the largest food company quoted on Johannesburg Stock Exchange purchase and owns the balance of 49% equity of UAC Foods for approval by the shareholders of the company at an Extra-Ordinary Meeting, scheduled to take place at Arthur Mbanefo Hall, Golden Tulip Festac, Lagos, Amuwo-Odofin, Lagos on Friday, 17th December, 2010 at 10.00am.
The company further stated that the proposed joint venture is being driven by the need for a strategic partnership with an experienced international operator that would bring technical and marketing expertise into the company.
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