Unilever Plc., and its group of companies (Unilever Group) has announced its intention to separate its global tea business, including the retail and food solutions businesses, plantations, T2, and Pukka (Tea Business).
Mrs Abidemi Ademola, General Counsel West-Africa/Company Secretary disclosed in a notice made available to the News Agency of Nigeria (NAN) on Friday in Lagos.
According to the notice, on 23 July 2020, the separation followed the completion of a strategic review.
The notice read in part: “Further to the announcement made on Feb. 25, 2021, about Unilever Nigeria Plc’s planned separation of its Tea Business as part of the global separation.
“This is to notify the Nigerian Exchange Ltd. and our esteemed shareholders that on April 30, 2021, Unilever Nigeria plc’s Board of Directors approved the steps required to implement the separation of the Tea Business in Nigeria.
“Subject to approval by the company’s shareholders and any regulatory approvals, the Nigeria Tea Business will be transferred to a newly-incorporated tea company in Nigeria (New TeaCo), held under a newly incorporated tea holding company to create a dedicated tea group within the Unilever Group (TeaCo Group),” it said.
The notice also explained that the assets being transferred by Unilever Nigeria Plc to New TeaCo included: “Production assets and other tangible assets used exclusively in relation to the Tea Business; distribution rights to Tea products in Nigeria and export markets; and locally owned unregistered intellectual property rights.
“Unilever Nigeria Plc will retain ownership of the site at Agbara.
“Unilever and Unilever Nigeria Plc will also provide certain intercompany services to the New TeaCo and the TeaCo Group for a transitional period,” it noted.
