Unga Group revenues rise by 2.3% following Uganda exit

KENYA - The Kenya based flour milling company, Unga has reported a gainful year with revenues rising 2.3% to US$198.25 million after discontinuation of Uganda operations which contributed to losses in the previous year. According to Business Daily, profit for the financial year ended June stood at US$7.76 million comparable to a US$69,791.39 loss made…

Seaboard Corp in a renewed bid to delist Unga after failed buyout

KENYA - Seaboard Corp, the American multinational conglomerate is planning to delist Unga Group from the Nairobi Securities Exchange (NSE) after a failed takeover bid of the Kenyan grain miller, according to Business Daily. The grain and commodity merchandising company is yet to face another stand-off with minority shareholders and investors who rejected its offer…

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…

Unga buyout company Seaboard faces US probe

KENYA - American authorities are investigating Seaboard Corporation, the multinational company that is planning to buy out Unga Group’s minority shareholders, for alleged financial misconduct in multiple African countries including Kenya, reports indicate. Prosecutors in the United States are interrogating Seaboard’s Pan African operations for evidence of multiple crimes, including money laundering, bribery, and doing business…

Seaboard’s Unga takeover bid meets minority owners’ opposition

KENYA - Minority shareholders have rejected Delaware-based conglomerate, Seaboard Corporation’s quest to acquire an additional 46.1 per cent stake in Unga Group , arguing it undervalues the Nairobi Securities Exchange-listed firm by Sh701.5 million. Seaboard’s buyout offer of Sh40 per share values Unga at Sh3 billion, 18.8 per cent below its book value of Sh3.7…

Bourse suspends Unga shares as Seaboard plans stake

KENYA - Nairobi Securities Exchange (NSE) has suspended trading in the shares of Unga Group Plc whose retail investors have received a buyout offer of Sh40 per share from one of its significant shareholders, Seaboard Corporation. The Delaware-based multinational, which already owns a 35 per cent stake in the company's operating subsidiaries, is acting in…