The Board of Directors of Tiger Brands today announced its decision to dispose of the company’s 51% stake in its Kenyan business, Haco Tiger Brands (E.A.) Limited (“Haco”),which it acquired in 2008.
According to Tiger Brands’CEO Lawrence Mac Dougall, the company took the decision to sell its interest in Haco after a detailed review of the businesswas conducted, along with its partner, Dr Chris Kirubi.
“The review evaluated the Haco business in the context of its mutual alignment with Tiger
Brands’long term strategic focus and core competencies.
In addition to products manufactured and marketed by Haco under its own brands, the majority of Haco’s business lies in the
manufacturing and distribution of products under licence.
This is not aligned with our current operating model which is premised on full ownership of leading FMCG brands.”
This has culminated in Dr Kirubi, who holds the balance of the 49% of the business, making an offer to Tiger Brands to purchase its 51% shareholding at a price that was considered fair and reasonable. Tiger Brands accepted the offer.
We thank Dr Kirubi for his invaluable insight
and contribution to Haco over the past 9 years and are confident in Haco’s prospects under his leadership,” says Mac Dougall.


http://www.tigerbrands.c...f-its-shares-in-Haco.pdf