Alternative protein companies Oatly, Benson Hill initiate plans to go public

US – Oatly and Benson Hill, two prominent alternative protein companies, have kickstarted the processes of going public in a bid to raise more equity to fund future growth prospects. Vegan milk firm Oatly said in a statement that it has commenced an initial public offering of 84,376,000 American Depositary Shares (ADSs), each representing one ordinary share offered by Oatly and certain selling shareholders. According to a report by Food Ingredients First, the company which is backed by high-profile investors including Oprah Winfrey, Jay Z, and Starbucks head Howard Schultz…

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East Africa’s rice sector slated for growth following collaboration among industry players

EAST AFRICA – Rice demand in East Africa has been on the rise in the recent years, triggered by changing consumer preferences, urbanization, diminishing productivity of regional staples such as maize, and population growth. All the East Africa nations have the capability of producing rice but its local out-put is far below local demand, making the countries turn to imports from India, Pakistan, Thailand, United States and China in a bid to meet the balance. According to reports by USDA, Kenya’s rice production is estimated at 159,000 Metric Tonnes (MT)…

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Kenyan firm Sasini bounces back to profitability despite decline in half year revenue

KENYA – Sasini, a Kenyan agricultural firm that produces and exports tea, coffee, macadamia and avocado has bounced back to profitability, posting a net profit of Ksh.122million (US$1.13m) in half-year period ended March 31 2021, a recovery from a Ksh13 million (US$121,000) loss attained in the same period last year. The firm, according to reports by Citizen Kenya, attributes the improved performance to gains from non-sales income, with the group ‘s operating activities yielding in gains of Ksh.177.9 million (US$1.66m) from a loss of Ksh.7.3 million (US$68,000) previously. The growth…

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IFF agrees to sell fruit preparation business in pursuit of portfolio optimization

NEW YORK —American ingredients supplier, International Flavors & Fragrances has agreed to divest its fruit preparation business to Portuguese based food ingredients supplier Frulact,  for an undisclosed sum. IFF’s fruit preparation business produces fruit, vegetable, herb, meat and fish preparation systems for the food, beverage and pet food markets. A statement from IFF revealed that the business, whose divestment is expected to close in the third quarter, contributed about US$70 million to sales in 2020. The division will now become part of Frulact which globally serves a range of dairy,…

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Fordmax commences rehabilitation of solar powered drinking water supply

NIGERIA – Fordmax, a water company, has begun the rehabilitation of a drinking water supply system in Enugu State in south-eastern Nigeria which will be able to supply 28,000 m3 of water per day, and powered by solar photovoltaic energy. The systems 12 boreholes were built a few years ago to improve the supply of drinking water in Enugu State in the south-east of the country. But since then, the pumping station has remained out of order. Charles Egwu, the Director of the National Urban Water Sector Reform Project in…

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Global oilseed production to grow 5 percent in 2021/22 buoyed by rise in soybean output in the Americas

GLOBAL – The global oilseed production is forecast to grow 5 percent in 2021/22, primarily on growth in soybean output in the United States and South America, according to a recently released report by USDA. The USDA projects that about 632 million tons of oil seeds will be produced during the year under review due to record plantings. Soybean production is forecast to rise 23 million tons to 386 million, a 6-percent increase while production of all oilseeds is forecast to increase, with all but cottonseed and rapeseed reaching at…

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Kenneth Keller to take charge at B&G as Cécile Béliot assumes role as chief executive of Bel Group

US – American holding company for branded foods, B&G Foods has appointed Kenneth “Casey” Keller as its next president and CEO, effective 14 June 2021. Keller succeeds interim president and chief executive, David Wenner, who took over the roles on an interim basis after Kenneth Romanzi stepped down as group president and CEO at the end of last year. B&G said in a statement that following the appointment of Keller, Werner will assume his former responsibilities as director of the company. Most recently, Keller served as president and CEO of…

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ADM to invest US$350m in soybean crashing capacity to meet rising demand

US – Archer Daniels Midland (ADM) has announced that it will invest approximately US$350 million to build a new soybean crushing plant in North Dakota, US. The leading multinational food processing and commodities trading corporation said the new soybean plant will cater to increasing demand from the food, feed and biofuel industries. Based in Spiritwood, the crush and refining complex will reportedly feature ‘state-of-the-art’ automation technology and will have the capacity to process 150,000 bushels of soybeans per day. Construction of the facility, which ADM says is ‘strategically located’ in…

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Flipkart to expand warehouse capacity to strengthen grocery handling infrastructure

INDIA –  Flipkart, one of the largest online grocery retailers in India, has said it plans to expand its fulfilment centre capacity for grocery by more than 8,000 sq ft over the next three months across Delhi, Kolkata and other cities. The Walmart-owned company said in a statement that the additional fulfilment centre capacity will bolster its capacity to cater to over 73,000 grocery orders per day. “With this additional infrastructure, the marketplace will bring the ease of online grocery shopping to more users across the country,” a statement said.…

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Turkish retailer BIM sells 35% minority stake in Morocco’s unit to Blue Investment Holding

MOROCCO – BIM, a Turkish retail chain company, has announced the sale of 35% minority shares of the capital of its subsidiary in Morocco, Bim Stores SARL, to Blue Investment Holding, affiliated with British private equity fund Helios Investment Partners. BIM Morocco said that the total value of the sales stands at MAD 742.10 million (US$83.2 million), with the sales price per share standing at MAD 1,000 (US$112.83). BIM Morocco proceeded to the completion of its sales transaction with Blue Investment holding after both entities signed a sale and purchase…

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