Shoprite reports 18.2% decline in full year profits despite growth in sales

SOUTH AFRICA – Africa’s largest retail chain, Shoprite reported 18.2 percent decline in  full year net profit to US$ 273.12 million (R4.2bn) as the South African retailer struggled to lift sales in majority of the […]

Hazel Technologies raises US$13m to expand food preservation solutions

USA – Hazel Technologies, a USDA-supported agricultural technology start-up, has raised US$13 million in Series B funding to expand its shelf life-extending solutions. Led by Pangaea Ventures and S2G Ventures, the Series B funding brings the […]

Motif Ingredients rebrands as Motif FoodWorks, raises US$27.5m

USA – Motif Ingredients, a food science and technology company owned by biotech unicorn Ginkgo Bioworks has US$27.5 million funding to expands research and development of animal-free ingredients. In addition, the company has also revealed […]

Nampak Zimbabwe reports growth amid unfavourable investment environment

ZIMBABWE – Paper and packaging giant, Nampak Zimbabwe says its capital expenditure projects remain curtailed after it suspended all credit extensions and capital injection by the major shareholder, reports the Chronicle. In a trading update […]

Stakeholders fault presidential directive on forex ban for food imports

NIGERIA – Following the recent directive by Nigeria’s President Muhammadu Buhari ordering the Central Bank of Nigeria to stop providing forex for food importation in the country, several stakeholders have called on the Government to […]

Rwanda secures US$91m funding to enhance food security efforts

RWANDA – The government of Rwanda has secured a US$91 million (Rwf83bn) funding from Japan to supplement the country’s effort to tackle malnutrition, reports New Times Rwanda. The agreement was signed between Rwanda’s Minister of […]

Japanese Brewer Kirin to acquire stake in health food maker Fancl for US$1.22bn

JAPAN – Kirin Holdings, Japan’s second-largest brewer says that it will spend US$1.22 billion (129.3 billion yen) to purchase a 30.3% stake in cosmetics and health food maker Fancl. The investment is part of Kirin’s strategy of […]

Tanzania’s coffee production rises to four years high on improved conditions

TANZANIA – Tanzania’s coffee production has almost doubled to four years high, thanks to good weather and high crop circle boom this season. Tanzania Coffee Board (TCB), acting Director General Primus Kimaryo notes that the […]

Biena Snacks secures US$8 million funding to expand plant-based foods

USA – Boston’s plant-based snacking brand, Biena Snacks has secured US$8 million in Series B financing led by MAW Investments, to accelerate growth of the brand. MAW Investments is a private equity firm created by former Snyder’s-Lance […]

Carlsberg reports strong first half boosted by Asia, premium beers sales

DENMARK – Global brewing company, Carlsberg has reported strong first-half results, with solid profit improvement of 17.7% boosted by premium beer and sales in the Asian market. The Tuborg and Holsten owner reported a 6.5% […]