Dangote Group sells noodles business for USD12 million

Dangote Group sells noodles business for USD12 million

As a confirmation of the proposed sale of Dangote Noodles to Dufil Prima, Dangote Industries has confirmed that it has finalised the sale of the business.

The transaction which was disclosed as NGN3.75 billion or USD12 million equivalent will see Dufil buying stock worth NGN383.94 million in addition.

Dufil is the maker of Indomie Instant Noodles with over 40% of the market share in a fast moving product category where many regional brands are taking up splinter markets.

Dangote said it is selling its Ikorodu, Lagos plant as well as its factory in Calabar, South-South Nigeria.

There is no indication that Dangote made a loss on the asset, however, there is no disclosure on the status since Dangote Noodles is not listed on the Nigerian Stock Exchange.