| Thu 24 Jul 2008, 17:25 | | TBS - Tiger Brands - News Release |
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TBS
TIIH
TBS - Tiger Brands - News Release
TIGER BRANDS LIMITED Barry Callebaut AG
(Incorporated in the ("Barry Callebaut")
Republic of South Africa)
(Registration number
1944/017881/06)
Share code: TBS
ISIN code: ZAE000071080
TIGER BRANDS LIMITED
("Tiger Brands")
NEWS RELEASE
Tiger Brands to buy Chococam from Barry Callebaut
- Tiger Brands Limited of South Africa to buy Chococam, Cameroon, in line
with its African expansion strategy
- Transaction will allow Barry Callebaut to focus on cocoa sourcing and cocoa
processing in Africa
- Barry Callebaut remains committed to Cameroon through its subsidiary SIC
Cacaos
Johannesburg/RSA, Douala/Cameroon, Zurich/Switzerland, July 24 2008 - Tiger
Brands, South Africa`s leading branded food and healthcare company, announced
today its intention to acquire 74.7% of the shares of consumer chocolate
manufacturer Chococam in Cameroon from Barry Callebaut, the world`s leading
manufacturer of high-quality cocoa and chocolate products. The remaining 25.3%
of the shares are held by a number of small private shareholders.
Founded in 1967, Chococam manufactures cocoa-based consumer products in its
factory in Douala and sells these highly popular products in Cameroon, Nigeria
and other countries of Central and West Africa. Chococam has annual sales of
approximately CFA 18 billion (Euro 28 million/CHF 45 million) and employs about
300 people. Tiger Brands Limited will take over the entire business, including
all employees.
Peter Matlare, CEO of Tiger Brands, said: "Chococam is a quality acquisition
with high market shares in categories that are familiar to Tiger Brands. This
acquisition gives impetus to our strategy to expand our African footprint. We
are delighted that we will have a presence in Cameroon as there is enormous
growth potential in this market."
Patrick De Maeseneire, CEO of Barry Callebaut, said: "Our Group has been present
in Cameroon since 1952. We will remain present in Cameroon through our
subsidiary SIC Cacaos in which we have just made important investments. Our
strategic focus in Africa is on cocoa bean sourcing and cocoa processing and not
on consumer chocolate. That is why we have decided to also divest the last one
of our consumer activities, after having sold our consumer businesses in Senegal
and Ivory Coast before. We are very pleased that we have found an optimal new
owner for Chococam in Tiger Brands Limited that, based on its strategy and
experience, will be able to further develop the Chococam business and to secure
a great future for our Chococam colleagues."
The transaction is expected to close on July 31, 2008. The two parties have
agreed not to disclose any financial details of the transaction. This
announcement is not required in terms of the JSE Listings Requirements but is
being published for information purposes only.
About Tiger Brands (www.tigerbrands.com):
Headquartered in South Africa, Tiger Brands Limited is a branded food and
healthcare company that operates mainly in Southern Africa and provides
investors with the opportunity to participate in a balanced spread of brands and
products. 2007 annual sales were Rand 19.7 billion (Euro 1.6 billion) and
employees numbered more than 16000.
Tiger Brands Limited is listed at the JSE (South African Securities Exchange).
About Barry Callebaut (www.barry-callebaut.com):
With annual sales of more than CHF 4 billion for fiscal year 2006/07, Zurich-
based Barry Callebaut is the world`s leading manufacturer of high-quality cocoa
and chocolate - from the cocoa bean to the finished product on the store shelf.
Barry Callebaut is present in 25 countries, operates about 40 production
facilities and employs approximately 7,500 people. The company serves the entire
food industry, from food manufacturers to professional users of chocolate (such
as chocolatiers, pastry chefs or bakers), to global retailers. It also provides
a comprehensive range of services in the fields of product development,
processing, training and marketing.- Barry Callebaut is listed on the SWX Swiss
Exchange.
* * *
Contacts
Tiger Brands
For investors and financial analysts: for the media:
Michael Fleming, Jimmy Manyi
Chief Financial Officer, Tiger Brands Group Executive Corporate
Affairs
3010 William Nicol Drive, Bryanston
Phone: +27 11 840 4000 Phone: +27 11 840-4446
michael.fleming@tigerbrands.com jimmy.manyi@tigerbrands.com
Barry Callebaut
for investors and financial analysts: for the media outside Africa:
Simone Lalive d`Epinay, Gaby Tschofen,
Head of IR VP Corp.Communications
Barry Callebaut AG, Zurich, Barry Callebaut AG, Zurich, Switzerland
Switzerland
Phone: +41 43 204 04 23 Phone: +41 43 204 04 60
simone_lalive@barry-callebaut.com gaby_tschofen@barry-
callebaut.com
for the media in Africa
Didier Buecher,
Manager Barry Callebaut Africa
c/o Chococam, Douala, Cameroon
Phone: +237 33 37 54 86
Didier_buecher@barry-
callebaut.com
END
24 July 2008
Sponsor to Tiger Brands: J P Morgan Equities Limited
Date: 24/07/2008 17:25:01 Produced by the JSE SENS Department.
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