South Africa’s Tiger Brands is advancing its plan to exit Cameroon by agreeing to sell its 74.69% stake in Chocolaterie Confiserie Camerounaise (Chococam) to Minkama Capital Ltd for approximately US$76 million. The deal is contingent on regulatory approval and routine closing procedures, and it signals the company’s ongoing efforts to scale back its international operations.
Sale Structure and Financing Details
The sale of Chococam is being structured through a syndicated loan arranged by BGFIBank Group. Although the full valuation of Chococam remains undisclosed, the financing arrangement highlights steady investor interest in African consumer goods companies. Local financial contacts indicate the debt facility is valued at around US$76 million, which supports the price of the stake.
Tiger Brands has stated that it is reviewing its international portfolio and exploring options for exiting non-core units. The company expects the Cameroon transaction to be finalized by the first half of its 2026 financial period.
Speculation Around Possible Involvement of Célestin Tawamba
Discussion of the Chococam sale has revived long-running speculation about potential involvement from Cameroonian businessman Célestin Tawamba, whose company, Cadyst Invest, was previously reported to have shown interest in acquiring the stake. However, neither the buyer nor the seller has confirmed Tawamba’s role in the deal. Earlier reports suggested Tawamba’s team valued Chococam at around US$97 million, but it remains unclear whether those talks progressed.
Tiger Brands’ Strategic Reshaping
The planned sale of Chococam is part of a broader strategy by Tiger Brands to reposition its international business portfolio. In early 2025, the company sold its 24.38% stake in Chile’s Empresas Carozzi for US$240 million, marking its exit from the Latin American market. Later that year, Tiger Brands also divested its Langeberg and Ashton Foods operations for one rand and revealed plans to sell its maize and sorghum cereal brands, such as Ace and King Korn, to focus on businesses with stronger returns.
Chococam’s Market Position and Future Outlook
Despite the impending change in ownership, Chococam continues to be a major player in Cameroon’s sweets and chocolate market, with well-known brands like Mambo and Bonbon Kola. Local analysts report that Chococam has experienced modest growth in local currency revenue, indicating the company’s continued relevance in the market.
As the sale progresses, attention now shifts to the terms of the syndicated loan and how it will impact the financial flexibility of Chococam under its new ownership. The cost of the loan will play a significant role in determining the company’s ability to maneuver in the competitive market.
