Saturday, 21 November 2015

ALIKO DANGOTE RESIGNS AS DANGOTE FLOUR MILLS REBRANDS TO TIGER BRANDED CONSUMER GOODS

Alhaji Dr. Aliko Dangote, GCON
In a notification to the Nigerian Stock Exchange (NSE), the Company Secretary of Dangote Flour Mills Plc, Aisha Ladi Isa, has said that Dangote Flour Mills Plc has rebranded to Tiger Branded Consumer Goods Plc, the most sought after business consultants, researchers and publishers, Tectono Business Review reports.

According to Aisha Ladi Isa, 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, adding that the change of name is in line with the special resolution passed at its annual general meeting (AGM), held in July 2015.

We gathered that South Africa’s Tiger Brands Limited, with 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 Dangote Flour Mills Plc. It said it was it was currently exploring various alternatives with regard to its investment in the flour milling company.

The withdrawal of funding by Tiger Brands, made the richest man in Africa, Alhaji Dr. Aliko Dangote (GCON), to resign as chairman of flour milling firm. He alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe as directors.

Tectono Business Review learnt that owing to these latest developments, the company urged shareholders to exercise caution when dealing in the company’s securities until a further announcement is released.

It could be recalled that Tiger Brands acquired a 63.35 per cent shareholding interest in Dangote Flour Mills in Nigeria in 2012 for approximately R1.5 billion.