Tiger Brands: Plug pulled on Kenyan purchases

Comment on this story

Tiger Brands had dropped plans to acquire Kenyan companies Rafiki Millers and Magic Oven Bakeries, the JSE-listed food company said yesterday, terminating deals worth at least $25 million (R270.5m). Tiger Brands, which has been on an aggressive expansion in sub-Saharan Africa in recent years, said the acquisitions had been called off by “mutual agreement between the parties”. It did not give further details and a spokesman was not available for comment. The company said last month that it had “recently acquired” 100 percent of both Rafiki and Magic Oven, saying the Kenyan food companies had a combined annual revenue of about R350m. Business Day said in January that the Rafiki acquisition would be worth about $25m, citing a company executive. The Tiger Brands share price gained 1.69 percent to close at R279.65 on the JSE yesterday. – Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines