UAC plans to turn its restaurant business into a subsidiary
Nigerian conglomerate UAC plans to turn its restaurant business into a subsidiary by year end and has signed a management agreement with a global partner, in a move to grow its market share, its chief executive said on Thursday.
Larry Ettah told a conference call UAC also plans to expand into other West African countries in partnership with South Africa’s Tiger , a company which has acquired 49 percent in its food business for 9.5 billion naira ($61.6 million).
He said the conglomerate will use the proceeds of the share sale to Tiger for acquisitions in the consumer goods sector in Nigeria and to boost its current operations. He projected a 15 percent growth in top-line revenue and 20 percent in operating profit by the end of the year.
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