Shoprite reports 3.3% rise in sales despite Angolan hyperinflation

SOUTH AFRICA - Shoprite, one of the largest food retailers in Africa has posted 3.3% increase in sales to US$10.89m for the year ended June despite increasing inflation and a 50% currency devaluation which hit hard its business operations in Angola. Business Day has reported that results of hyperinflation were translated to lower revenues in…

Premier Foods mulls selling assets as investors plan to replace CEO

UK - The British food manufacturer, Premier Foods has said it may sell part of its assets to turnaround its business even as shareholders mount pressure on the CEO, Gavin Darby to step down. Plans to sell part of its business received back up from the CEO who said he was open to do the…

MatchaBar secures US$8m in Series A funding round to expand brand

USA - US beverage brand MatchaBar has secured US$8 million in a Series A funding round as it aims to rapidly expand its line of bottled and canned matcha drinks, according to FoodBev. Brothers Max and Graham Fortgang founded MatchaBar in 2014, creating a matcha café in New York. The brand launched a ready-to-drink version of its…

Macadamia market value grows by 60% in global tree nut consumption

WORLD - Green & Gold Macadamias has reported a 60% rise in global tree nut consumption, which is a testament to the fact that people are eating more and more of them. As a result of this, the market value for macadamias is up by 72%, according to Green & Gold Macadamias, who believe that…

Tata Starbucks records first positive earnings with 28% increase in sales

INDIA - Tata Starbucks, a joint venture between the Tata Group and the American coffeehouse chain Starbucks has posted its first positive EBITDA after sales increased by 28%, almost doubling in the financial year 2018. According to ET Retail, improved sales were attributed to strong performance in in-store and new stores that were added this year.…

Britannia invests US$29m in a new greenfield manufacturing facility in Assam

INDIA - Britannia Industries, the Bengaluru, Karnataka based food products corporation has invested US$29.1 million in a new greenfield manufacturing facility in Rampur, Guwahati, Assam. The facility, one of its largest in India, will produce a wide array of Britannia products to cater extensively to Assam and the north-eastern States. The unit has production capacity…

Seed Co Zimbabwe to raise US$19m to support regional expansion and listings

ZIMBABWE - Seed Co Limited, Zimbabwe based producer and marketer of certified crop seeds is seeking to raise upto US$19.2 million through a partial unbundling to support expansion as well as separate listings of its regional operations. The Herald has reported that Seed Co wants to unbundle 71% of Seed Co International represented by 242…

Kenya’s premium tea brand Kericho Gold secures US$4m IFC financing

KENYA - Kericho Gold, a premium tea brand owned by Gold Crown Beverages, a subsidiary of Global Tea & Commodities Ltd has received US$4 million funding in loan from IFC meant to fund its expansion strategy in Kenya and Malawi, reported the Exchange. A statement from IFC said that Global Tea & Commodities Ltd, a…

Nestle to reward US$1.08m to cocoa farmers under the Nestlé Cocoa Plan (NCP)

GHANA - Nestle Ghana Ltd will reward US$1.08 million to over 17,615 farmers under the Nestlé Cocoa Plan (NCP) as the company looks to doing business profitably while ensuring sustainable development in the community they operate. The increased premium payment is geared at motivating farmers for quality cocoa production, meet production standards, increase local sourcing…

Pick n Pay achieves profitability as it looks to open more stores in Zimbabwe

ZIMBABWE - Meikles Limited, Zimbabwe’s hotel, retail and supermarket chain has announced that revenue in supermarkets division, jointly owned with Pick n Pay has increased from US$414 million to US$487.8 million in the year ended March 2018. According to IOL Business report, Pick n Pay is boasting of profitability in its Zimbabwe operations and is…