Nigerian conglomerate UACN has acquired a 51 percent stake in agricultural firm Livestock Feeds for N1.3 billion ($8.26 million), the company said on Friday.
CEO Larry Ettah told a conference call that it obtained regulatory approval for the buy-out in March and was focusing on integrating the acquisition into its group.
UACN, which has operations including real estate, foods and haulage, said it expected 2013 pretax profit to hit N12.2 billion ($77.5 mln), up from N10.7 billion last year.
It said its food business, which is jointly-owned with South Africa’s Tiger Brand, was the biggest contributor to the group last year, adding 41 percent to revenues.
UACN forecast turnover of N81.9 billion for 2013. Last week, the company said 2012 turnover rose to N69.6 million.
