South African consumer goods firm Tiger Brands said on Tuesday it plans to open up an additional 10% of its shares to black shareholders to boost black ownership in the group.
The total value of the deal is R2,8-billion, based on a volume weighted average share price of R155,86 per ordinary share.
Tiger Brands already transferred 4% of its then-issued share capital to black shareholders in the first phase of the programme in 2005.
The new shares will be issues to Tiger Brand’s strategic black partners, Brimstone Investment Corporation and Mapitso Consortium Investments, and various trusts within the company. — Reuters