Tongaat to review executive pay as pressure mounts on CEO to step down

SOUTH AFRICA - The Anglo-South African financial services group Old Mutual has announced that it was unsatisfied with Tongaat Hulett, the agri-processor’s executive pay saying it is set to discuss the issue with the company, reported Business Day. Old Mutual raised concerns on how Tongaat’s executive remuneration was structured and voted against the pay policy…

GPI reduces part of 18.5% stake in Spur to focus on Burger King franchise

SOUTH AFRICA - The food and gaming firm, Grand Parade Investments (GPI) is reducing part of 18.5% stake it holds in the steakhouse restaurant chain Spur Corporation as it shifts focus to its global hamburger franchise, Burger King SA. According to the Business Report, the sudden move to focus on the Florida-based chain of fast…

UberEats acquires South African restaurant tech start up orderTalk

SOUTH AFRICA - UberEats, the American online food ordering and delivery platform has announced that it has acquired the South African restaurant technology start up orderTalk at an undisclosed sum. orderTalk Inc. owned by venture capital firm Knife Capital, offers online ordering software and call center solutions for the restaurant, takeout, and hospitality industry. According…

Tiger Brands to open Enterprise polony factory by end of 2018

SOUTH AFRICA - The South African packaged good company, Tiger Brands has told their shareholders that the opening of the Enterprise polony factory in Polokwane is set to be by the end of this year. However, the group said though production at the site is expected to start by October 2018, its opening would depend…

Quantum Foods bounces back to profit with US$162.81m in revenue

SOUTH AFRICA - The diversified poultry and feeds business has declared US$162.81 million in revenue with a 4.6% increase of US$400,038.40 in Other African operations offset by a decrease in South African operations. For the six months ended 31 March 2018, headline earnings per share (“HEPS”) increased to 82.5 cents from the 12.4 cents per…

Famous Brands closes one of its GBK restaurants in the UK

UK - Famous Brands, the JSE listed quick service brand has closed a premium burger restaurant in the UK, saying that it has set funds aside in case it decides to close another five outlets in the market, reported Business Day. The group said that it was expecting to report a US$9.21 million operating loss…

Rhodes Food Group turns to Africa for growth with turnover up 16.6%

SOUTH AFRICA - JSE listed leading producer of fresh, frozen and long life food has reported a 16.6% growth in group turnover in interim results for the six months ended 1 April 2018 as it deepens its growth in the sub-Saharan Africa region. The company said global business was limited as a result of currency…

Pioneer Foods posts 3% dip in turnover as maize recovers from drought

SOUTH AFRICA - Pioneer Foods, the maker of Sasko and Veet-Bix brands has reported a 3% marginal decrease in group turnover to US$784.22 million from US$807.78 million attributed to price deflation in soft commodities that weakened price realisations, principally in maize and to a lesser extent, wheat and rice. For the six months ended 31…

Astral Foods manage improved results with 15% revenue increase despite bird flu

SOUTH AFRICA - Astral Foods, the South African integrated poultry producer has reported positive results, having managed 15% increase in revenue to US$535.93 million despite challenges with the Avian influenza in the period, according to IOL Business report. While operating profit grew by 392.6%, the group’s operating profit margin increased 15.7% as compared to the…

Pick n Pay partners with MasterCard to donate more free meals at its stores

SOUTH AFRICA - Pick n Pay, the second largest supermarket chain store in South Africa has held up its corporate responsibility through a partnership with MasterCard, where individuals will automatically donate a meal to the Tap to Feed initiative at any Pick n Pay store. Business Daily reported that this initiative was launched on May…