Tag: aquisition

Tiger Brands disposes value-added meat products business for US$24.7m to Country Bird Holdings, Molare

Frank

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands has entered into two separate agreements to sell its value-added meat product (VAMP) business units as going concerns for a combined R428 million (US$24.7 million). The agreements are with two separate and unrelated purchasers i.e. Molare Proprietary Limited, one of South Africa’s largest pork processors and Silver Blade, a subsidiary of Country Bird Holdings. The first agreement with Molare regards its abattoir business at Olifantsfontein, which Molare will acquire for R100 million (US$5.7m) and a further R17m (US$0.97m) for inventories at…

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Feronia sells stake in DRC palm oil subsidiary to investment company KKM

Frank

DRC – Feronia Inc. an agribusiness company operating in the Democratic Republic of the Congo (DRC), has entered into a definitive purchase agreement with Straight KKM 2 Limited (KKM) to sell its equity interests in its operating subsidiary, Plantations et Huileries du Congo (PHC). PHC is Feronia’s palm oil business which it acquired from Unilever in 2009. It produces crude palm oil (CPO) and palm kernel oil (PKO). KKM is an entity incorporated in Mauritius primarily owned by a number of funds for which Kuramo Africa Opportunity Offshore Fund II GP…

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Competition Tribunal of South Africa gives nod to sale of Tongaat Hulett’s starch business

Frank

SOUTH AFRICA – The Competition Tribunal of South Africa has approved the acquisition of Tongaat Hulett’s Starch business by Barloworld subsidiary, KKL Group for R5.35billion (US$342.6m). The agriculture and agri-processing company Tongaat Hulett stated that the decision was the third approval in the jurisdictions relevant to the transaction, with the Botswana Competition Commission and the Common Market for Eastern and Southern Africa (Comesa) Competition Commission having already approved the transaction without conditions. The final approval is awaited from the Indonesian Competition Commission, probably in the first week of August, reports IoL. “This…

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