South Africa’s Tiger Brands is progressing with its plans to exit Cameroon, having agreed to sell its 74.69% stake in Chocolaterie Confiserie Camerounaise (Chococam) to Minkama Capital Ltd for approximately US$76 million. This move is part of the company’s broader strategy to scale back its international operations.
Details of the Transaction
The deal, which is still subject to regulatory approval and routine closing procedures, is being financed through a syndicated loan arranged by BGFIBank Group. While the full valuation of Chococam remains undisclosed, local financial contacts indicate that the loan amount aligns with the reported sale price, signaling strong investor interest in African consumer goods producers.
Tiger Brands has indicated that the deal is expected to close in the first half of its 2026 financial period, and discussions regarding the sale have reignited rumors about the involvement of Cameroonian businessman Célestin Tawamba. Although his potential role remains unconfirmed, reports earlier in 2025 suggested Tawamba’s team had valued Chococam at US$97 million in a potential bid.
Broader Restructuring Efforts
This sale forms part of Tiger Brands’ ongoing efforts to streamline its international portfolio. Over the past four years, the company has been focusing on exiting non-core assets. In early 2025, Tiger Brands sold its 24.38% stake in Empresas Carozzi in Chile for US$240 million, marking its exit from Latin America. The company also sold the Langeberg and Ashton Foods operation for one rand, further simplifying its business to focus on units with stronger returns.
Chococam’s Position in the Market
Chococam continues to hold a strong position in Cameroon’s sweets and chocolate market with well-known brands like Mambo and Bonbon Kola. Despite facing economic challenges, the company has experienced modest growth in local currency revenue. However, local analysts are now closely watching the conditions under which the new owners will operate, particularly the cost of the syndicated loan, which could impact the company’s financial flexibility moving forward.
Looking Ahead
As Tiger Brands continues to reposition itself, the sale of Chococam marks a significant step in its strategy to refocus on core businesses with stronger growth prospects. The company’s exit from Cameroon reflects the global trend of businesses reassessing their international operations to improve returns.
