ADM agrees to buy Bunge Ltd, according to various sources

US - The world's largest corn mill of global grain company, Archer Daniels Midland Co, has reached an agreement to buy smaller rival Bunge Ltd, as reported by Bloomberg, citing unnamed sources familiar with the matter. The potential deal comes as large grain traders that make money by buying, selling, storing and shipping commodity crops…

Unilever talks up its investments in Zimbabwe, opens Royco line

ZIMBABWE - Enacy Mapakame Business Reporter
Food, home and personal care products producer, Unilever Zimbabwe, has invested $8 million into its operations in the country in the last five years, creating businesses for over 100 000 local enterprises across value chains. Unilever Africa president Bruno Witvoet, said his company’s emphasis was not only on selling brands, but…

South Africa’s poultry body backs march over ‘unsafe’ poultry imports

SOUTH AFRICA – South African Poultry Association has backed a planned march to Parliament by the Food and Allied Workers Union (Fawu), which wanted legislators to push for stricter regulations for poultry imports. South Africa has no laws ensuring the effective traceability of imported poultry products and its safety, where a single bag of frozen…

Kenya lifts temporary ban on avocado exports

KENYA - Kenya's Agriculture and Food Authority (AFA) has lifted a temporary ban on export of all Kenyan Fuerte and Hass avocado varieties over maturity issues - a move welcome by fresh produce exporter Selina Wamucii (Kenya) Ltd. According to CEO John Oroko, the lifting of the temporary suspension on the avocado exporters would bring…

FlourMills Nigeria records US$1.18 billion revenue in third quarter

NIGERIA - Flour Mills Nigeria Plc has posted revenue of US$1.18 billion and profit after tax of US$36.6million for the nine-month period ended December 2017. The company’s nine months performance showed group’s revenue of US$1.17 billion, up from US$1.07 billion in 2016, representing a 10% year-on-year increase. The firm also reported a profit after tax…

Sea Harvest fish and Quantum poultry firms lift profits

SOUTH AFRICA - Two white-meat producers have beefed up profits, with listed fishing group Sea Harvest and poultry producer Quantum issuing upbeat trading statements. The Sea Harvest group said the maiden financials, due for release in early March, would show basic headline earnings coming in at 99c-113c a share, an increase of 74%-98% compared with…

Fishing company TerraSan acquires a private equity deal

SOUTH AFRICA - Unlisted fishing company TerraSan, which has a substantial aquaculture operation, has landed a private equity firm where EXEO Capital confirmed an undisclosed investment in TerraSan via its Agri-Vie Fund II. EXEO joins Trustee Board Investments (TBI); a backer of JSE-listed companies Accentuate and Efficient as a key shareholder in TerraSan. The investment…

NCPB buys 2.7m bags of maize, the highest ever in one season

KENYA - The National Cereals and Produce Board (NCPB) has bought 2.7 million bags of maize from farmers, the highest ever in one season. Agriculture Principal Secretary Richard Lesiyampe said the NCPB bought 2.3 million bags of maize after the government released Sh6 billion last year for the exercise. This comes amid protests from farmers…

Nestle stops sourcing palm oil from REPSA, Guatemala

MEXICO – Nestle, the multinational food and beverage company, has stated that it has stopped buying palm oil from a Guatemalan company that has been accused by the country’s prosecutor of corruption. Guatemala’s prosecutor accused Reforestadora de Palmas del Peten S.A. (Repsa) of paying bribes to receive tax credits. Repsa also said in a statement…