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Food producer Tiger Brands has finalised the sale of its abattoir business in Olifantsfontein, Gauteng after announcing last month that it had reached an agreement with pork producer, Molare for R100 million.
Tiger Brands’ disposal of the abattoir is part of its exit out of value-added meat products sold under its Enterprise business, whose products include polony, sausages, bacon and canned meat products. The food producer made the decision to exit the business following a listeriosis outbreak in 2017 that was traced to its operations in Limpopo and resulted in the deaths of more than 200 people who had consumed its meat products.
It’s share price had fallen by more than 50% since the news of the outbreak and subsequent class action.
Last month Tiger Brands also confirmed that it would sell the Enterprise business to chicken producer Country Bird Holdings (CBH), for R153 million, the sale will be concluded once approved by the Competition Commission.
On Wednesday, Tiger Brands' share price rose by just over 1% following the announcement.
