Tiger Brands Limited - Disposal Of Interest In Mal
TBS
TIIH
Tiger Brands Limited - Disposal Of Interest In Malt Joint Venture
TIGER BRANDS LIMITED
(Registration number 1944/017881/06)
(Incorporated in the Republic of South Africa)
Share code: TBS
ISIN: ZAE000071080
"Tiger Brands", or "the Company")
DISPOSAL OF INTEREST IN MALT JOINT VENTURE
Tiger Brands Limited advises that agreement has been concluded in terms of which
it has disposed of its interest in the joint venture known as C & T Malt to
private-equity funds managed by New York-based Castle Harlan Inc. and its
Australian affiliate Champ Private Equity.
In terms of the transaction, which is effective 11 September 2006, Tiger Brands
has disposed in one indivisible transaction of its 50% indirect interest in the
issued share capital of the following companies:
- Great Western Malting Co.;
- Canada Malting Co. Limited;
- Barrett Burston Malting Company (Pty) Limited;
- Malt Real Property (Pty) Limited; and
- Ulgrave Limited.
The joint venture held interests in barley malting operations located in Canada,
the United States, Australia and the United Kingdom.
The conclusion of this transaction is in line with the strategic objective of
Tiger Brands which is, where appropriate, to hold a controlling interest in its
operations. The malt investment was no longer consistent with Tiger"s core
strategy of being primarily focused in the branded consumer goods sector.
The transaction will have no material effect on Tiger Brands" headline earnings
per share or net asset value per share in either the current or forthcoming
financial year.
Bryanston
12 September 2006
Sponsor: JP Morgan Equities Limited
Date: 12/09/2006 12:44:46 PM Produced by the JSE SENS Department
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