Unilever Nigeria Plc, on Friday, said its board has approved the implementation of steps required to implement the separation of the group’s Tea Business in the country, subject to shareholder and regulatory approvals,

According to details, earlier announced on February 25, 2021, Unilever Nigeria Plc’s planned separation of its Tea business as part of the global separation, will affect “the retail and food solutions businesses, plantations, T2 and Pukka (the Tea Business).”

A notice through the Nigerian Exchange Limited, by Abidemi Ademola (Mrs), its General Counsel WA and Company Secretary, explained further that the nation’s “Tea Business will be transferred to a newly-incorporated tea company in Nigeria (New TeaCo, held under a newly incorporated tea holding company to create a dedicated tea group within the Unilever Group (TeaCo Group).’

The assets being transferred by Unilever Nigeria Plc to New TeaCo, the statement noted, “include production assets and other tangible assets used exclusively in relation to the Tea Business; distribution rights to Tea products in Nigeria and export markets; and locally owned unregistered intellectual property rights.”

Unilever Nigeria, will, however, retain ownership of its site at Agbara, while Unilever and Unilever Nigeria plc will also provide certain intercompany services to the New TeaCo and the TeaCo Group for a transitional period.