Ant Financial secures right to become the largest shareholder in Zomato

ASIA - Zomato’s newest investor and an affiliate company of the Chinese Alibaba Group, Ant Financial has received the right to become the biggest shareholder in the restaurant search and discovery service, reports ET Retail. The agreement gives Ant Financial greater say in company operations compared to other stakeholders even as the Chinese firm seeks…

Fonterra records a net loss after tax of US$196m in 2018 annual results

NEW ZEALAND – Fonterra, a New Zealand multinational dairy co-operative, has announced a Net Loss After Tax of US$196 million in its FY18 annual results, with a plan to improve its business performance and the outlook for FY19. According to the company, the normalised EBIT was US$902 million, down 22%, the Co-operative’s gearing ratio was…

Royal Wessanen completes the acquisition of yogurt company Abbot Kinney

EUROPE – Wessanen, a multinational food company with a focus on organic, and the owners of Abbot Kinney's have signed and completed the acquisition of Abbot Kinney's by Wessanen. Abbot Kinney's is a young and very dynamic innovation leader in organic almond and coconut based yoghurt alternatives and ice-cream. Founded in 2014, Abbot Kinney's already…

Nigeria-based agric centre IITA receives the Africa Food Prize 2018 award

AFRICA - International Institute of Tropical Agriculture (IITA), Nigeria based international centre has received the Africa Food Prize award from the African Green Revolution in Agriculture (AGRA) at the Africa Green Revolution Forum (AGRF) Gala Dinner held in Kigali, Rwanda. The award celebrates individuals and institutions with Africa’s agricultural agenda alongside efforts to change the…

Government starts construction of 100 Warehouses for the Planting for Food Programme

GHANA - The government of Ghana has started work on 100 warehouses nationwide for the Planting for Food and Jobs [PFJ] Programme whose objective is to ensure availability of food in the country. The food reserves will be constructed in various districts and locations, initiated by the Ministry of Agriculture and the National Buffer Stock…

Heineken invests US$145m to expand production at Qilinto Plant

ETHIOPIA - Heineken Ethiopia has invested US$145.98 million in an expansion project at its plant in Qilinto set to be inaugurated this month to increase its production capacity by a third of its previous output, reports Addis Fortune. The project which took 14 months came after Heineken received US$46.37 million letter-of-credit facilitation from the government…

Zimbabwe’s grain board GMB receives 900,000 tonnes of maize

ZIMBABWE - The cereals and oilseeds commodity trader, Grain Marketing Board (GMB) of Zimbabwe has received 896 273 tonnes of maize and 21 750 tonnes of small grains for the past crop season. The Herald reports the volume was a result of measures put in place by the parastatal to ensure smooth deliveries of the…

Kenyan distributor firm Mohan inks deal to import Bulgarian Flirt Vodka brands

KENYA - Kenya’s wines and spirits distributor, Mohan’s Oysterbay Drinks Ltd has secured an exclusive deal with Bulgarian spirits producer VP Brands International to import and distribute the popular Flirt Vodka in the country. A Business Daily report indicates the partnership will allow the dealer distribute the brands both in Kenya and East Africa with…

Spur’s earnings grow 14% this year as it banks on new technology opportunities

SOUTH AFRICA - The South African steakhouse franchise restaurant chain, Spur Corporation has posted a 14% rise in headline earnings per share (Heps) from continuing operations and is banking on technology platforms such as Uber Eats and Mr Delivery for services to expand its customer base, reports Business Day. While comparable Heps were down by…

Spirits company Edrington forms strategic partnership with Wyoming Whiskey

USA - Edrington, the international premium spirits company, has announced that it has formed a strategic partnership with Wyoming Whiskey, to expand its portfolio of premium spirits into the American Whiskey category. The company reported that effective immediately, Wyoming Whiskey will become part of Edrington Americas’ portfolio which includes many of the world’s most acclaimed…