Dangote Flour changes name
Company Secretary and Legal Adviser of Dangote Flour Plc, Aisha Ladi Isa has notified the management of the Nigerian Stock Exchange (NSE), of the company’s change of name to Tiger Branded Consumer Goods Plc.
The new name, according to Isa, was scripted 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.
In a letter dated September 2nd, 2015, the company’s secretary said the change of name was in line with the special resolution passed at its annual general meeting, held in July 2015.
She, therefore, requested the Exchange to effect the change of name as well as use the new symbol of Tiger Branded Consumer Goods. The new name has been approved by the Corporate Affairs Commission.
Tiger Brands, it would be recalled, acquired a 63.35 per cent shareholding interest in Dangote Flour Mills in Nigeria in 2012 for approximately R1.5billion.
Chief Executive Officer of Tiger Brands, Peter Matlare, had then said: “We are especially pleased with the successful conclusion of this transaction. We believe it will present growth opportunities for both organisations and be mutually beneficial. Dangote Flour Mills will add significant scale to Tiger Brands’ existing Nigerian businesses.”
The company, for the third quarter ended June 30, 2015, recorded an increase in the group’s revenue from N28.7 billion in the corresponding period of 2014 to N33.1 billion. Its gross profit also rose to N2.6 billion, against N1.75 billion it recorded in the corresponding period of 2014.