Tiger Brands: Two Kenyan firms acquired

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Tiger Brands had acquired all of Kenya-based Rafiki Millers and Magic Oven Bakeries, it said yesterday. The acquisitions would give it a meaningful presence in the Kenyan industry. “The acquisitions will strengthen our international operations and will provide a solid platform to participate in a growth category where the group already has significant expertise.” It recently increased its stake in Nigeria’s Dangote Flour Mills from 63.5 percent to 70 percent. Turnover for the first quarter of the current financial year grew 10 percent year on year to R7.7 billion. The gross margin declined 1.2 percentage points to 30.5 percent. The stock shed 1.64 percent to close at R258. – Nompumelelo Magwaza

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