Flour Mills formally applies for US$111 million in rights issue

NIGERIA - Flour Mills of Nigeria Plc at the weekend submitted formal application to the Nigerian Stock Exchange (NSE) seeking to raise N39.9 billion (US$111 million) in new equity funds from existing shareholders. A regulatory filing at the NSE at the weekend indicated that Flour Mills of Nigeria plans to raise N39.85 billion through a…

Olivine to invest US$5m in margarine plants

ZIMBABWE - Fast moving consumer goods manufacturer Olivine Industries will invest $5 million in the final phase of the margarine processing technology and soap plant upgrade. Margarine production at Olivine was being hampered by old equipment, some of it dating back to 1947, which saw the firm losing a considerable market share to other brands.…

Tate & Lyle completes China polydextrose facility expansion

CHINA - Tate & Lyle, a leading global provider of speciality food ingredients and solutions, has announced that the expansion of capacity and process upgrades at its polydextrose facility in Nantong, Jiangsu Province, China have been completed. According to the company, the expansion increases capacity at the facility in Nantong by more than three times…

Heineken lays foundation stone for new Mozambique brewery

MOZAMBIQUE – The World’s number 2 brewery Heineken has laid the foundation stone to set up its first brewery in Mozambique, as it boosts its investments in Africa and other developing economies to cushion stagnant or slow growth in developed economies. This new brewery, valued at US$100 million is located in the province of Maputo,…

Nestle to close its DR Congo factory next year

DRC - Swiss food giant Nestle announced on Sunday (Dec 3) that it would close its factory in Kinshasa, capital of the Democratic Republic of Congo, a potential market of 80 million people but one beset by poverty and political instability. "We will close our factory and offices by the end of January and continue developing…

Bidco Africa opens juice plant in Kenya with Danish partner

KENYA – Bidco Africa has opened a new juice plant in Ruiru, Kenya in partnership with Danish soft drink manufacturer CO-RO, to fulfill its ambitions to serve the growing market in Eastern Africa. The new 11,000 square metre factory has two production lines, producing Suntop, a brand of fruit juices in four flavours, with room…

Chinese company invests in Canada infant nutrition plant

CANADA - The government of Ontario has invested US$18.7 million in support of the subsidiary of Feihe International to build a baby formula facility in the Canadian province. Ontario Premier Kathleen Wynne met with Feihe International in Beijing to discuss the company’s plans to build its first baby formula production facility outside of China. According…

Zambian Breweries more than doubles capacity at Ndola brewery

ZAMBIA - The Zambian Breweries Ndola plant has increased the production of its beverages by one million hecto liters following the investment of $30 million dollars. The plant has increased production from 750,000 to 1.75 million hectolitres per annum. Head of corporate communications Exekiel Sekele said the company invested $30 million into a new production…

Study shows India’s food processing sector to get US$33b by 2024

INDIA - India's food processing sector has the potential to attract $33 billion investment by 2024, according to a study released here today. The country's food and retail market is expected to touch $482 billion by 2020, up from $258 billion in 2015, with recent reforms making the sector more competitive and market- oriented, it…