for the year ended 30 September 2025
Tiger Brands Limited is registered and incorporated in the Republic of South Africa and is listed on the JSE Limited (JSE), and A2X Markets. The Tiger Brands group manufactures, markets and distributes everyday branded food and beverages. The financial results and position of the group are fully set out in the balance sheet, statement of comprehensive income, statement of cash flows and notes thereto.
Details of authorised and issued share capital are set out in note 7.2 of the annual financial statements and in the statements of changes in equity.
The company had the following movements in share capital:
| Ordinary shares issued at 1 October 2024 | 180 327 980 | |
| Ordinary shares repurchased and cancelled: April 2025 – September 2025 | (5 456 272) | |
| Ordinary shares repurchased – September 2025 | (254) | |
| Ordinary shares issued at 30 September 2025 | 174 871 454 |
Financial information concerning the principal subsidiaries, associates and investments of Tiger Brands Limited are set out in the separate company annual financial statements and in note 5.2.
Details of dividends declared and paid during the year are outlined in note 7.1 to the annual financial statements.
Details of the registered and beneficial shareholders of the company are outlined in the shareholders information section of the annual financial statements.
Having regard to the budgets and forecasts prepared for the forthcoming financial year, the directors believe that the group has sufficient financial resources to continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis. The directors have satisfied themselves that the group is in a sound financial position, and that sufficient borrowing facilities exist to meet any foreseeable cash requirements.
Information on subsequent events is outlined in note 15 to the annual financial statements.
During the year under review, Mr Michael Ajukwu, a non-executive director, retired from the board effective 20 February 2025.
The names of the directors who presently hold office are set out in the integrated annual report.
The register of interests of directors in shares of the company is available to the members on request.
Details of the directors’ shareholding (direct and indirect beneficial) are as follows:
| 2025 | 2024 | |||||
| Name of director | Direct number of shares |
Indirect number of shares |
Direct number of shares |
Indirect number of shares |
||
|---|---|---|---|---|---|---|
| TA Govender* | 7 135 | 8 322 | – | – | ||
| TN Kruger** | – | 51 296 | – | 31 300 | ||
| S Sithole*** | – | 6 764 900 | – | 6 764 900 | ||
| * | Cumulative number of shares held indirectly by associate |
| ** | Cumulative number of shares held indirectly by The TNI Trust |
| *** | Cumulative number of shares held indirectly by Value Capital Partners |
There were no changes to the direct and indirect beneficial interests of directors since 30 September 2025 to the approval date of the annual financial statements.
Details in respect of the pension asset and post-retirement medical aid obligations of the group are set out in notes 9.3 and 9.4 of the annual financial statements.
The group’s practice regarding insurance includes an annual assessment, in conjunction with the group’s insurance brokers, of the risk exposure relative to assets and possible liabilities arising from business transactions. In addition, the group’s insurance programme is monitored by the audit and risk committee. The directors are satisfied that all risks are adequately covered. Self-insurance programmes are in operation covering primary levels of risk at a cost more advantageous than open-market premiums. Regular risk audits are conducted by the group’s risk management consultants, whereby improvement areas are identified and resultant action plans implemented accordingly. Assets are insured at current replacement values.