Uganda constructs US$2.37m tea factories under Uganda Development Corporation

UGANDA - Ugandan government under its investment arm, Uganda Development Corporation (UDC) has established two tea factories valued at a cost of US$2.37 million. The Monitor reported the move is part of government's plan to promote value addition in an attempt to align the agro sector to the National Export Development Strategy and National Development…

AfDB to invest US$120 million to boost cassava and rice production

NIGERIA - The African Development Bank Group has revealed plans to invest US$120 million over the next two to three years in the production and transformation of cassava among other important commodities. As part of a strategy to achieve agricultural diversity, the funding will also boost production of maize, sorghum/millet, wheat, livestock, aquaculture, high iron…

Danone to acquire 49.9% stake in New Zealand’s dairy company

NEW ZEALAND – Danone, a French multinational food-products corporation, has signed a non-binding agreement to acquire a 49.9% stake in Yashili New Zealand Dairy Company, after its Danone Asia Pacific Holdings (DAPH) subsidiary agreed a memorandum of understanding with Yashili International. According to FoodBev, the exact terms of the proposed purchase have not been disclosed…

Starbucks raises price of brewed coffee in most US stores

USA - Starbucks Corp has raised prices for brewed coffee by an average of 1 to 2% in the past year and according to the company, it was in line with industry practices, reported ET Retail. Some of the products affected included a regular drip coffee whose price rose by 10 cents to 20 cents…

Ghanaian Agribusiness company to invest US$5m in maize processing factory

GHANA - KEDAN Ltd, an agribusiness firm with activities in maize and soyabean is set to invest US$5 million by 2019 to increase daily production in a maize processing factory it recently inaugurated in Tumu, Ghana. The funds will be used in improving the company’s working capital for raw material aggregation, construction of silos, irrigation…

Wilmar invests US$125.1m in palm oil plantation

NIGERIA - Wilmar plantation, a subsidiary of Biase Plantations Limited (BPL) has invested more than US$125 million in its palm oil plantations as well as corporate social responsibility projects. The investment is also geared towards education, capacity building, health, employment, and economic development. Wilmar looks forward to start production at the plantation having installed a…

Burger King opens 80th restaurant in South Africa

SOUTH AFRICA - The American global chain of hamburger fast food restaurants, Burger King has opened its 80th restaurant in Tshwane, Gauteng Province, South Africa surpassing Grand Parade Investments’ (GPI) ambition to reach 75 stores for the iconic food brand. This is a continuation by the empowerment company to roll out more stores in the…

Ghana’s food processor Samba Foods posts massive sale revenue

GHANA - Samba Foods Limited, Ghana’s food processor and preservation business has reported 117% sale revenue of 2016 receipts for the 2017 financial year, reported GNA. Speaking at the company’s annual general meeting, Mrs Leticia Osafo-Addo, Managing Director, told shareholders that the year 2017, though a tough one for industries in general proved to be…

Australia’s GrainCorp opens branch in Ukraine

UKRAINE - GrainCorp, the Australian grain and related commodities handler has opened a new company in Ukraine to provide its customers with agricultural raw materials, grains, seeds and animal feeds. In reference to data from the Ukrainian state registry, Reuters reported that the new firm, GrainCorp Ukraine Ltd, was registered on May 14 within the…

Zambeef reports 6% growth in revenues driven by macro-store demand

ZAMBIA - Zambeef Products Ltd has reported 6% growth in revenue driven by increasing volumes and improving margins in the core divisions namely Retail & Cold Chain Food Products, and Stockfeed for the first half of the financial year ended 31 March 2018. Profit after tax increased more than three-fold to US$2.25 million as compared…