East African Breweries mulls US$49.7m bond to finance operations

KENYA – East African Breweries Limited (EABL) to use banks to refinance the Sh5 billion (US$49.7m) bond set for maturity in March, shunning the option of going back to the Nairobi Securities Exchange (NSE) to roll over the debt, reports Business Daily. The brewer, with operations in Kenya, Uganda and Tanzania, says it has received “attractive” opportunities from commercial banks. This will also save it from having to pay the lump sum amount in March from its own cash reserves when it is still pursuing capital investments. “Given the very…

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Cadbury Nigeria beats market estimates as full year revenue climb 9.3% to US$108m

NIGERIA – Cadbury Nigeria Plc, subsidiary of snack and confectionery firm Mondelez International reported a 9.3% increase in Revenue to N39.3bn (US$108m) in its unaudited 2019 Financial results from N36.0bn (US$98.9m) of 2018. Revenue within the quarter recovered, growing 10.1% q/q to N10.4bn (US$28.5m) in Q4 2019. Reported Revenue came in higher than the company’s estimate of N38.9bn (US$106.9m) by 1.2%. The growth was driven by broad-based recovery in Refreshment Beverages (+8.3% y/y) and Confectioneries (+20.5% y/y) while Intermediate Cocoa Products (-7.2% y/y) continued to lag. Cost of Sales grew…

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Zimbabwe’s milk processors Dairibord, Tavistock enter into a strategic alliance

ZIMBABWE – Dairibord Zimbabwe Ltd (DZL), Zimbabwe’s largest milk processor has entered into a strategic alliance and share subscription agreement with its single largest supplier of raw milk, Tavistock Estate Limited. This development will see the parties collaborating in the expansion of a sustainable raw milk supply business model set to unlock shareholder value. According to a press release by the company informing share-holders of the alliance, “The Directors of Dairibord Holdings Limited (Dairibord) would like to advise all stakeholders that Dairibord Zimbabwe (Private) Limited (DZPL), its 100 percent owned…

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EU promotes sustainable fisheries for blue economy in the Lake Victoria region

EAST AFRICA – The European Union has injected £2m (US$2.2m) into the European Union Development Fund’s E€OFISH programme initiated in the Lake Victoria region to boost sustainable fisheries for the blue economy. The overall objective of the program is to enhance equitable economic growth by promoting sustainable fisheries in the Eastern and Southern Africa and Indian Ocean regions. The programme to be implemented under the Lake Victoria Fisheries Organization (LVFO), has been endorsed by the First E€OFISH Regional Programme Steering Committee (PSC). Member states in the LVFO programme are Tanzania,…

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New KCC breaks ground for construction of US$2.49m milk cooling plant

KENYA – The New Kenya Co-operative Creameries (KCC) has commenced the construction of the ksh.250m (US$2.49m) milk cooling plant in Nyambene-Meru County, Central Kenya. The facility, whose construction is set to be completed in October this year will have a holding capacity of 100,000 litres. Unlike other New KCC cooling facilities, the Nyambene plant will, in addition to bulking and chilling, pasteurize the raw milk before it is transported to processing facilities. The plant will serve dairy farmers from five of the nine sub-counties in Meru County that include Tigania…

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FDA approves first drug for treatment of peanut allergy for children

USA – Peanut allergy, a condition in which the body’s immune system mistakenly identifies even small amounts of peanut as harmful, is known to affect approximately 1 million children in the United States. Out of these children, only 1 out of 5 will outgrow their allergy. A solution to this life-threatening protein has now come to this group of consumers for the first time. The US Food and Drug Administration approved a new drug, Palforzia, to mitigate allergic reactions, including anaphylaxis, that may occur with accidental exposure to peanuts. Palforzia…

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Coca-Cola Bottling Company opens US$86m sales center in Atlanta

USA – Coca-Cola Bottling Company United, the third largest bottler of Coca-Cola products in the US has opened its new US$86 million sales center in Union City, Georgia. The facility occupies a 456,000 square foot space an includes a sales and distribution center, warehouse, fleet shop, administrative offices and meeting space. The center represents one of the largest investments in a sales center in the US Coca-Cola System, which the company says sets a new standard in warehouse systems for the beverage industry. “This facility is one of the most technologically…

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Taiwan based tuna supplier FCF acquires Bumble Bee Foods for US$928m

TAIWAN – FCF Company, one of the world’s largest integrated marine industry supply-chain service providers based in Taiwan has acquired seafood and specialty protein company Bumble Bee Foods for US$928 million. In November last year, Bumble Bee Foods filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with FCF as part of the seafood processor’s strategy to reduce its debt burden caused by recent and significant legal challenges. FCT said that as the new owner of the Bumble Bees assets, it does not intend to no…

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Barry Callebaut expands its plant craft range with new dairy-free chocolate

UK – Barry Callebaut has introduced a new 100% dairy-free ‘M_lk Chocolate’ as part of its ‘Plant Craft’ Indulgence range seeking to meet the growing consumer demand for plant-based confectioneries. The new dairy-free ‘M_lk Chocolate’ is made with an ingredient of natural origin, which the chocolatier said is exclusively available to the company. Barry Callebaut says that its research and development team spent two years to develop this innovation leading to a dairy free chocolate with a creamy, milky and typical milk chocolate flavor and texture. Amidst the growing number of flexitarian, Barry…

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Zurvita appoints Gordon Hester as new Chief Innovation Officer

USA – Zurvita, a health and wellness company based in Texas, USA, has appointed Gordon Hester as its new Chief Innovation Officer to help evolve the business and lead the company’s strategic direction. Hester comes to Zurvita with over 30 years in the direct selling industry, having boult one of the largest network marketing distributorships in history as CEO. Commenting on Hester’s appointment, Zurvita CEO, Jay Shafer said: “We are very excited about the addition of Gordon Hester to the Zurvita Management Team. “His heart and passion for the direct…

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