Farmers bank on late planted maize crop

ZIMBABWE - Crops that were planted between October and November last year were the worst affected by the mid-season dry spell in Manicaland, Zimbabwe Farmers’ Union provincial manager Mr Daniel Mungazi has said. Mr Mungazi told The Herald that crops planted between December and January had a better chance of reaching maturity, boosting farmers’ chances…

Kenyans import $31.2m maize from Uganda, TZ to meet demand

KENYA - Kenya will next month waive duty to allow millers to import maize from Uganda and Tanzania. Kenyan traders imported more than 77,500 tonnes of maize worth $31.2 million since January from its neighbours. This is the highest amount of imports in the past five years as drought and the effects of the fall…

Unga share rallies to Sh39 after foreign buyout offer

KENYA - Unga Group’s share price rose to US$0.38 on the Nairobi Securities Exchange (NSE), nearly matching the takeover offer of US$0.39 per share that the miller received last week from Delaware-based Seaboard Corporation. Seaboard’s offer now represents a premium of just 2.56% when viewed against Tuesday’s share price. The development is expected to make it…

US firm’s Unga takeover bid meets opposition

KENYA - Minority shareholders have rejected Delaware-based conglomerate, Seaboard Corporation’s quest to acquire an additional 46.1% stake in Unga Group, arguing it undervalues the Nairobi Securities Exchange-listed firm by Sh701.5 million. Seaboard’s buyout-offer of US$0.39 per share values Unga at US$29.6 million, 18.8% below its book value of US$36.5 million or US$0.48 per share as…

NCPB buys 2.7m bags of maize, the highest ever in one season

KENYA - The National Cereals and Produce Board (NCPB) has bought 2.7 million bags of maize from farmers, the highest ever in one season. Agriculture Principal Secretary Richard Lesiyampe said the NCPB bought 2.3 million bags of maize after the government released Sh6 billion last year for the exercise. This comes amid protests from farmers…