Seaboard’s failure to reach 75% minimum threshold in Unga blamed on activist investors

KENYA - US firm, Seaboard’s planned buyout offer for Unga Group has flopped as it was unable to garner support from shareholders holding a minimum combined stake of 75% in the miller. Daily Nation has reported that a takeover failure was attributed to a group of significant investors who refused to sell their shares, accusing…

Farmers lobby faults grains agency maize price as too low

ZAMBIA - The Zambia National Farmers Union has charged that the recently announced K65 (US$6.50) per 50kg market price offered by the Food Reserve Agency (FRA) is absurd and horrendously low ZNFU President Jervis Zimba has since called for untampered functioning of market conditions and open borders. “We urge government to maintain consistency in the export…

Zambia’s grains reserve agency sets maize buying price

ZAMBIA- The Food Reserve Agency (FRA) will buy a 50-kilogram bag of maize at 65 Kwacha (US$6.5) for the 2018 crop marketing season, a five kwacha (US 50 cents) increase from last year, reports Lusaka Times. FRA Board Chairman Joe Simachela says the price has been arrived at after a wide consultation with stakeholders among…

Zimbabwe maize production to fall 46% as a result of climatic changes

ZIMBABWE - Zimbabwe’s maize production is estimated to record a 46% decrease to 1.2 million tonnes in the 2018/19 MY as compared to 2.2 million tonnes produced in the previous year, according to USDA’s June 20 GAIN report. The report further indicates that the country will still have to import about 300,000 tons of corn…

Gates Foundation invests US$24.6m to boost maize farming in Tanzania

TANZANIA - Bill and Melinda Gates Foundation has availed US$24.6 million meant to commercialize insect-resistant and drought-tolerant maize seed with a long term goal of boosting maize production in Tanzania and the region. According to Daily News, the grant has been channelled through African Agricultural Technology Foundation (AATF). The foundation is mandated to make new…

IFC invests US$25m in KazFoodProducts food processing group

ASIA - The International Finance Corporation (IFC), a member of the World Bank Group is investing US$25 million in KazFoodProducts LLP food processing group of companies operating in grain milling and confectionary sectors. The investment aims at supporting the company’s expansion plans, boost Kazakhstan agricultural sector through diversification strategies as well as enhancing global food…

Botswana turns to South Africa and Zambia for maize imports

BOTSWANA - Botswana continues to import 170,000 metric tonnes of maize annually as it has always run out of corn due to insufficient local production, according to an article by AllAfrica. Speaking in an interview, Botswana Agricultural Marketing Board (BAMB) chief executive officer, Mr Leonard Morakaladi noted that on annual basis the country needed 190…

Seaboard’s Unga buyout offer period extended to late June

KENYA- Seaboard’s Corporation’s offer of US$0.40 per share for Unga Group will wait longer to close after a section of Unga’s significant shareholders termed the offer by the multinational conglomerate as inadequate, citing the company’s assets. The extension indicates that Seaboard has not yet met minimum requirement for a 75% stake needed for the transaction…

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…

Davipel Group invests US$12m in snack facilities

ZIMBABWE - Davipel Group of Companies, an agro-processing firm has invested US$12 million to construct two state-of-the-art snack facilities as it builds mileage in snacking, milling and feed production. Launched by President Mnangagwa, the facilities come handy following the government’s control on imports under Statutory Instrument 64 (SI 64) of 2016, a legislation that requires…