Nespresso announces long-term investment to revive Zimbabwe’s coffee industry

ZIMBABWE – Nespresso, a coffee operating unit of the Nestlé Group, has announced a long-term investment plan to revive Zimbabwe’s coffee industry and stimulate the rural economy. The company announced that it will provide training and technical assistance to 400 smallholder coffee farmers over the next five years, with the goal of increasing the country’s production…

Speciality rice company LT Foods receives Rabobank funding

INDIA - LT Foods Ltd., an emerging Global Food Company with focus on Specialty Rice - Basmati, Organic Food and Rice based Convenience products, has announced that it received equity capital by Rabobank’s India Agri Business Fund II Ltd. The company reported that that its Board of Directors approved the infusion of the funds into…

Maize millers alarm price rise for Unga and wheat over new fuel tax

KENYA - Maize millers have announced that they plan to increase prices for maize and wheat flours as a result of the 16% Value Added Tax (VAT) on petroleum products, which came into effect on September 1, reports Business Daily. According to Cereal Millers Association, such price hikes reflect increased operating costs associated with the…

AfDB contracts Kenyan firm in a US$1.78m grant to improve maize production

KENYA - The African Development Bank (AfDB) has unveiled a US$1.78 million initiative dubbed Maize Compact programme and has contracted smallholder firm, African Agricultural Technology Foundation(AATF) to distribute high-yielding maize varieties among smallholder farmers. Kenya is among 12 countries in Africa that will benefit from the programme which aims to increase maize production by at…

Government opens new bidding process for stalled sugar projects

ETHIOPIA - The government of Ethiopia has announced a new bidding process for the construction of stalled sugar projects and is considering awarding the work to Chinese firms for completion, reports Addis Fortune. Sugar Corporation, the government-owned sugar milling firm responsible for the construction of the sugar factories has invited three companies to visit the…

Africa Improved Foods receives the first SDG Award for sustainable consumption

RWANDA- Africa Improved Foods (AIF), a joint venture between the government of Rwanda and a consortium of Royal DSM and investment firms has received the first SDG Award for sustainable consumption from the Swiss Green Economy Symposium (SGES). The event held 4 September in Zurich, Switzerland features companies committed to sustainability, with project distinctions focused…

Mother Dairy reaches US$1.20bn in turnover as it aims 65% growth this year

ASIA - The edible products company Mother Dairy has posted US$1.20 billion turnover, US$83.39 million realised in cow milk sales as it aims to grow 65% this fiscal year. Strong performance was driven by healthy sales revenue from cow milk which it introduced in mid-2016 and growth in this category is attributed to growing consumer…

China’s Tencent in talks to invest in India’s Swiggy in an upto US$700m funding

ASIA - Tencent, the Chinese investment company has joined several investors who want to invest in India’s food delivery platform Swiggy which is seeking to raise US$500-700 million. According to ET Retail, the talks which involve several existing and new investors may see an investment that could value Swiggy at US$2.5-3 billion ET Retail had…

New JSE entrant Libstar’s profit declines 13% impacted by lower mushroom prices

SOUTH AFRICA - The new JSE listed food and personal care company, Libstar has posted dismal results with 13.8% decrease in operating profit to US$14.55 million after recording impacts from lower price realisations from mushrooms. According to Business Day, the gross profit margin stood at 20.9% from 22.4% in 2017, as a result of lower…

Indianapolis Fruit announces partnership with CIBUS Fresh food-service company

USA - Indianapolis Fruit, a distributor of fresh fruits and vegetables, has announced a partnership with CIBUS Fresh, a foodservice company that specializes in high-quality and made-to-order packaged convenience foods. According to the company, CIBUS Fresh is a state-of-the-art FDA and USDA certified fresh kitchen facility with a unique approach to fresh convenient food. This…