EMPOWERMENT: Brimstone Selected For Tiger Brands BEE Transaction
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BRIMSTONE, the listed Cape Town-based black empowerment company, has been selected to be one of Tiger Brands’ strategic black empowerment partners in the Tiger Brands’ Phase II BEE transaction, which was announced earlier today.
In terms of the agreement, Brimstone will have the option to subscribe to 1% of enlarged issued ordinary share capital of Tiger Brands. Brimstone has for many years played a key role in assisting Tiger Brands pursue its empowerment initiatives, through its interests in Oceana Group Limited, Sea Harvest Corporation Limited and The Scientific Group (Proprietary) Limited.
Commenting on the transaction, Group CEO, Mustaq Brey said that the Tiger Brands transaction “offers a value-adding opportunity for our company to hold further interests in a dynamic and successful branded FMCG group and is another step forward in the natural evolution of Brimstone’s underlying investment partnerships.”
Brimstone shareholders were advised that the ratification of the agreement remains subject to the fulfilment of certain conditions.
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