South Africa’s Tiger Brands has made significant progress toward its full exit from Cameroon by agreeing to sell its 74.69% stake in Chocolaterie Confiserie Camerounaise (Chococam) to Minkama Capital Ltd for approximately US$76 million. This deal, which depends on regulatory approval and customary closing procedures, reflects the company’s ongoing efforts to scale back its international operations.
Details of the Sale
The transaction, valued at around US$76 million, is being financed through a syndicated loan arranged by BGFIBank Group. While the total valuation of Chococam remains undisclosed, the financing suggests that there is steady investor interest in African consumer goods companies.
Tiger Brands has stated that it is reviewing its approach to exiting non-core international units and expects the Cameroon deal to be completed by the first half of its 2026 financial period.
Speculation About Cadyst Invest’s Role
The sale has sparked renewed speculation about potential involvement from Cameroonian businessman Célestin Tawamba and his company, Cadyst Invest. However, neither Tiger Brands nor Minkama Capital has confirmed Tawamba’s role in the deal. Earlier reports indicated that Tawamba’s team had explored a potential bid valuing Chococam at US$97 million, though no official updates have been made regarding these talks.
Strategic Shifts in Tiger Brands’ Global Operations
This divestment is part of a broader strategy by Tiger Brands to reposition its international portfolio. Over the past four years, the company has exited several international markets to focus on higher-return businesses. In early 2025, Tiger Brands sold its 24.38% interest in Chile-based Empresas Carozzi for US$240 million as it withdrew from Latin America. Later that year, it offloaded its Langeberg and Ashton Foods operation for just one rand, alongside plans to sell its maize and sorghum cereal lines.
Chococam’s Position in the Market
Despite the divestment, Chococam remains a prominent player in Cameroon’s sweets and chocolate market with well-known brands like Mambo and Bonbon Kola. Local analysts have noted that Chococam has seen modest growth in local currency revenue, although its financial future will largely depend on how the new owners handle the costs of the syndicated loan, which will impact the company’s financial flexibility.
Looking Ahead to the Final Exit
As Tiger Brands prepares for its full exit from Cameroon, all eyes will be on how the company manages its remaining international assets and the long-term impact of this strategic shift. The sale of Chococam, alongside the company’s broader divestments, underscores its focus on streamlining operations and enhancing profitability.
