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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.
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 (AGM), 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.
Peter Matlare, CEO of Tiger Brands 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 its Group’s revenue from N28.7 billion in the corresponding period of 2014 to N33.1 billion. Its gross profit also to N2.6 billion as against N1.75 billion it recorded in the corresponding period of 2014.
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