Tiger Brands to acquire Kenyan firm

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Johannesburg - South African food company Tiger Brands said on Tuesday it had agreed to buy a Kenyan firm, identified by a newspaper as milling and confectionery company Rafiki Mills, in a deal likely worth $25 million.

South Africa's Business Day newspaper earlier reported Tiger Brands, a maker of bread and breakfast cereal, had agreed to acquire Rafiki for $25 million, quoting corporate affairs group executive Alex Mathole.

Mathole confirmed in a statement that an agreement had been signed, but declined to provide further details.

The acquisition of Rafiki, the fourth-largest miller in East Africa's largest economy, would be the latest move by Tiger Brands to increase its presence in fast-growing sub-Saharan Africa.

The company acquired 63 percent of Nigeria's Dangote Flour Mills for $188 million.

It already has a presence in Kenya through its Haco Tiger Brands unit. - Reuters

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