(Adds details, background)
LAGOS Oct 4 (Reuters) – Nigerian billionaire Aliko Dangote
on Thursday sold 63 percent of Dangote Flour to
South African consumer goods firm Tiger Brands in a
deal worth $188 million, brokers said.
The sale of 3.1 billion shares on the Nigerian Stock
Exchange was done at 9.50 naira ($0.06) per share, after
regulators’ approval last month.
The deal is Tiger Brands’ third and its biggest yet in
Nigeria, Africa’s second-largest economy with 160 million
people, which is seen as a growth area for consumer and food
products.
The billionaire’s holding firm Dangote Industries Limited
will retain a 10 percent stake in the flour miller after the
Shares of Dangote Flour were trading flat at 8.59 naira on
the local bourse at 1315 GMT, as brokers said the deal had
already been priced in.
(Reporting by Mayowa Oludare; Editing by Tim Cocks and
Hans-Juergen Peters)
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