Unilever Nigeria to spin off tea business this year

Unilever Nigeria Plc has announced plans to separate its tea business into a legal entity this year.

“Further to the announcement made on 5th August, 2020 about Unilever’s global announcement on the strategic review and planned separation of its tea business, this is to notify the Nigerian Stock Exchange and our esteemed shareholders of the plan to separate the Unilever Nigeria Plc tea business into a separate legal entity,” it said.

The company said in a statement that its planned separation would go through the normal approval process and is expected to be concluded by the end of 2021.

“We shall keep the Nigerian Stock Exchange and stakeholders informed of subsequent developments on this matter,” it added.