Tiger Brands to boost stake in Dangote Flour

Lagos - South Africa's Tiger Brands is seeking to raise its stake in the Nigerian Dangote Flour Mills through a takeover bid, a notice by its financial advisor said on Friday.

Tiger Brands bought a 63.35 percent stake in the firm in 2012 from Dangote Industries, owned by Africa's richest man, Aliko Dangote, for $181.9 million.

A worker lifts a bag of flour at the Dangote flour mill in Apapa district in Nigeria's commercial capital of Lagos. Credit: Reuters

The latest bid by the company seeks to raise its ownership to around 70 percent through the purchase of an additional 332.5 million ordinary shares at 9.50 naira ($0.06) per share, the public notice said.

Nigerian advisory services company Vetiva Capital said the bid would take place between Friday and the end of the month. - Reuters