South Africa: Tiger Brands sold its 50% stake in a barley malting joint venture to private equity funds
Tiger Brands Limited advised September 12 that an agreement has been concluded in terms of which it has disposed of its interest in the joint venture known as C & T Malt to private-equity funds managed by New York-based Castle Harlan Inc. and its Australian affiliate Champ Private Equity.
In terms of the transaction, which is effective 11 September 2006, Tiger Brands has disposed in one indivisible transaction of its 50% indirect interest in the issued share capital of the following companies:
- Great Western Malting Co.;
- Canada Malting Co. Limited;
- Barrett Burston Malting Company (Pty) Limited;
- Malt Real Property (Pty) Limited; and
- Ulgrave Limited.
The joint venture held interests in barley malting operations located in Canada, the United States, Australia and the United Kingdom.
The conclusion of this transaction is in line with the strategic objective of Tiger Brands which is, where appropriate, to hold a controlling interest in its operations. The malt investment was no longer consistent with Tiger’s core strategy of being primarily focused in the branded consumer goods sector.
The transaction will have no material effect on Tiger Brands" headline earnings per share or net asset value per share in either the current or forthcoming financial year.
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