Tiger Brands Sells Stake in Ethiopia Unit to East Africa Group

June 10, 2016

Co. disposes of its 51% stake in East African Tiger Brands Industries Ethiopia to partner EAG, which holds remaining 49%.

* Co. says EATBI better positioned under ownership of EAG; process culminated in EAG making offer at price considered fair, reasonable;
* Ethiopia remains mkt of “significant potential,” options to be explored to maximize opportunities in relevant product categories;
* Transaction expected to be formally closed by not later than Nov.; subject to suspensive conditions;
* Impact on Tiger’s EPS, HEPS won’t be material. Source: Bloomberg