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UPDATE 1-South Africa's Tiger Brands says chairman to step down

Stock Markets Aug 21, 2020 16:06
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* Geraldine Fraser-Moleketi to succeed Mokhele as chair
* Company flags as much as 40% HEPS decline
* HEPS hurt by COVID-19, restructuring costs and poor H1
* Will lose 302 mln rand from foregoing price increases

(Adds details and earnings forecast)
By Nqobile Dludla
JOHANNESBURG, Aug 21 (Reuters) - South African food producer
Tiger Brands TBSJ.J said on Friday Khotso Mokhele would step
down as chairman of the board on Dec. 31.
Mokhele will be replaced by Geraldine Fraser-Moleketi, a
lead independent director at mining firm Exxaro EXXJ.J , who
will take over on Jan. 1 after a handover period starting from
September.
Fraser-Moleketi, 60, served in various cabinet roles from
1996 to 2008, including as Minister of Public Service and
Administration and Minister for Welfare and Population
Development.
The owner of popular South African food brands Jungle Oats
and Tastic rice also said it expected its headline earnings per
share (HEPS) from total operations for the year ending Sept. 30
to fall between 35% and 40% from the 1,322 cents
($0.7693)reported a year earlier.
Excluding its Deli Foods business in Nigeria and processed
meat business, which are both discontinued, HEPS - the main
profit measure in South Africa that strips out certain one-off
items - is expected to fall by up to 33%.
The firm blamed a poor first half performance, COVID-19
related costs of 255 million rand ($14.85 million) and
restructuring costs estimated at about 70 million rand.
Tiger Brands also said it would lose 302 million rand in the
period from deferring food price increases as part of government
regulations to protect consumers during the lockdown.
It said the loss was significant when compared with an
operating profit of 1.4 billion rand from continuing operations
in the previous six-months period.
While revenues rose by 11% in the three months to June,
thanks to increased at-home consumption, volumes in categories
such as baby nutrition and products for the food services
industry suffered.
($1 = 17.1756 rand)

UPDATE 1-South Africa's Tiger Brands says chairman to step down
 

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