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Chairman Lex van Vught said the annual general meeting was a low-key affair following all the interest in the company last year after the Competition Tribunal fined Tiger Brands R99m for its role in the bread price-fixing scandal. The company was later fined R53,5m for bid rigging at Adcock Ingram before the pharmaceutical company was unbundled.
The company, which has a market capitalisation of R22,4bn, said trading conditions for the four months to January reflected a "general slowing down in the rate of growth in demand for the company's products and is in line with expectations".
Tiger Brands said the performance was consistent with its outlook for the year, which it reported when it released its 2008 annual results.
"The high levels of food price inflation experienced during the second half of 2008 due to significant cost push factors, particularly in respect of raw materials, are expected to moderate during the second half of 2009."
However, Tiger Brands expected to report "another year of earnings growth," barring the unforeseen.
It did not comment further on its potential offer for AVI. Tiger Brands said in November it had made a formal offer for AVI, which has a market capitalisation of R6,7bn.
In January, Tiger, which is home to brands such as All Gold, Albany and Koo, said it had entered into further communication with the board of AVI regarding its potential offer. The AVI board was said to be considering the proposal. AVI owns brands such as Willards, Denny and Jimmy Choo.
In December, AVI said it was not prepared to let Tiger Brands conduct a due diligence study because it would give a competitor access to AVI's information, and that Tiger's proposal presented "a high degree of execution risk".
But AVI seemed to have changed its tune in February, saying Tiger had made "further formal communication" and that shareholders should exercise caution until a further announcement was made.
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