South African consumer goods group Tiger Brands Ltd. expects to finalise its exit from Cameroon by the first half of fiscal 2026. The company has signed a Sale and Purchase Agreement (SPA) to sell its 74.69% stake in Chocolaterie Confiserie Camerounaise S.A. (Chococam) to Minkama Capital Ltd., an Africa-focused investment firm partnering with BGFIBank Group S.A. The transaction remains subject to regulatory approval and standard closing conditions.
Under the deal, Minkama will acquire Tiger Brands’ controlling interest in Chococam through a financing structure arranged by BGFIBank. According to local financial sources, the acquisition is funded by a syndicated loan of XAF 46.68 billion (about US$76 million). Although the total valuation of Chococam has not been disclosed, the financing highlights growing confidence in regional investment capital within Africa’s fast-moving consumer goods sector.
In its latest corporate communication, Tiger Brands confirmed that it continues to evaluate the best ways to divest from its non-core international businesses. “We are exploring the best options for valuation and exit in respect of our non-core international operations, including Chococam, and expect to conclude the transaction in H2 F26,” the group stated.
The deal has also prompted speculation regarding the potential participation of Cadyst Invest, linked to Cameroonian industrialist Célestin Tawamba. Tawamba was previously signaled as being interested in Chococam through its investment firm. However, neither Tiger Brands nor Minkama has confirmed or denied his involvement, even as reports suggest he was targeting an acquisition value of around XAF 60 billion.
Tiger Brands’ planned departure from Cameroon is part of a broader portfolio rationalisation strategy implemented across Africa and other regions in recent years. Over the past four years, the company sold its 24.38% stake in Empresas Carozzi S.A. for US$240 million in early 2025, marking its exit from Latin America.
It also divested its Langeberg & Ashton Foods unit in May 2025 – transferring the business for a symbolic one rand, and announced the sale of its maize and sorghum cereal lines, including the Ace and King Korn brands, under its “portfolio optimisation” initiative. Together, these moves demonstrate a deliberate pivot away from low-growth, capital-intensive operations toward its domestic South African market and higher-margin product segments such as snacks, beverages, and home-care goods.
Chococam, a leading name in Cameroon’s confectionery industry with well-known brands such as Mambo and Bonbon Kola, has shown consistent resilience amid macroeconomic pressures. Local reports suggest that its revenues in CFA francs have grown modestly, underscoring the company’s strong market position.
Once the transaction is concluded, Chococam’s new owners are expected to face a complex landscape. The terms and cost of the syndicated debt will be key to ensuring financial stability. At the same time, supply-chain challenges – notably in cocoa and sugar, could affect profitability in an inflationary environment. Maintaining brand loyalty and product quality during the transition will also be crucial.
