BusinessDay reported Nov. 4 that Nigerian Exchange Limited (NGX) approved UAC of Nigeria PLC’s proposed divestment on Oct. 29, involving Livestock Feeds PLC as the target and Sunbeth Treenuts and Sesame Limited as buyer.
The report does not establish that the sale has closed. UAC’s Oct. 30 results said the transaction remained subject to regulatory approvals, and Livestock Feeds’ notice requires all necessary approvals before completion.
UAC announced Sept. 30 that it had agreed to sell its 73.29% holding for ₦19.5 billion in cash. Its filing puts the consideration at ₦8.85 per share at completion. If finalized, UAC would receive the proceeds and Sunbeth would acquire the majority stake. Livestock Feeds’ notice sets out no terms for its remaining shareholders.
UAC’s interim results classified Livestock Feeds’ assets and liabilities as a disposal group held for sale at Sept. 30, while continuing to consolidate the subsidiary’s results until completion. NGX’s company profile listed share closes of ₦14.60 on Nov. 2 and ₦13.65 on Nov. 3, and a 52-week range of ₦5.65 to ₦20.45 as of Nov. 4.
UAC describes Livestock Feeds as an animal-feed producer and distributor with facilities in Ikeja, Aba and Kano. UAC said Sunbeth plans to connect its agricultural sourcing network with the feed maker’s production and sales operations, citing efficiency, more reliable supply and product quality as goals. UAC said it acquired Livestock Feeds in 2013; the company dates its origins to 1963 and was listed in 1978.
Sunbeth Agro HoldCo Chief Financial Officer Jeroen de Ruijter said the buyer’s “immediate priority” was to work with Livestock Feeds’ management and employees.
The filings give no completion date. The next stated milestone is closing after required approvals, followed by a notice from Livestock Feeds to NGX and investors.
