Thursday, August 02, 2018 /6:15PM /
Transnational Corporation of Nigeria Plc (“Transcorp”) disclosed in its 2017 Annual Report that a careful review of the long term proposition of its play in the juice concentrate market revealed a number of issues. As a result of this, the Board decided to exit its investment in Teragro Commodities Limited and is currently working together with the Benue State Government, a key stakeholder, towards identifying suitable partners to drive the value proposition of the business going forward.
It was also reported in our 2017 Annual Report that we expect to close the transaction in a timely manner and maximize benefits for stakeholders and that the decision to exit Teragro is not expected to have any significant impact on the Group’s business as Teragro contributed less than 0.03% of Group revenue and 0.21% of Group assets.
We wish to clarify that the divestment process is still ongoing and has not been concluded.
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