Packaging and paper group Mondi to shut down Durban facility

SOUTH AFRICA - The international packaging and paper group Mondi Plc is planning to stop operations at its Merebank, Durban processing facility blamed on declining margins and high input costs for hardwood pulp, Business Day has reported. The Durban facility, located in eastern South Africa’s KwaZulu-Natal province hosts one of its uncoated fine paper machines…

Nestle Nigeria share price rises as half year profit grows 30%

NIGERIA - Nestle Nigeria has reported 29.6% growth in profit after tax to US$59.36 million and the announcement, which sparked demand for the stock moved its share price to close at US$4.44, Business am live has reported. In the six months ended June 2018, sales increased by 11% to US$374.47 million from US$338.14 in 2017.…

ChesaNyama owner Gold Brands suspended on JSE for non-compliance

SOUTH AFRICA - Gold Brands Investments, a franchising company and owner of ChesaNyama and Bella Italia brands has been suspended on the Johannesburg Stock Exchange (JSE) after the subsidiaries failed to submit their annual reports. Business Day has reported that prior to its suspension, the company’s share price had fallen 81% from its listing price…

Nigerian Breweries announces resignations and new appointments to its Board

NIGERIA - Nigerian Breweries Plc, a subsidiary of the Dutch brewing company Heineken N.V has announced three resignations and appointment of two new directors to its board. Resignations from the board include those of Mark Rutten, the company’s Finance Director; Hendrik A. Wymenga, Supply Chain Director effective date 27 July 2018; and Franco Maria Maggi…

TransCorp to divest its interest in fruit juice concentrate maker Teragro

NIGERIA - Transnational Corporation of Nigeria (“TransCorp”), the diversified agribusiness firm is planning to divest its stake in its juice concentrate making subsidiary, Teragro Commodities Limited. Beverage Industry news revealed that the decision to divest its interest in the Benue-based agribusiness arm came following a long-term review of its operations in that business, which revealed a…

Agriculture bank to provide affordable loans for improved palm oil production

TANZANIA - Tanzania Agriculture Development Bank (TADB) has pledged to provide affordable loans to small-scale farmers with a focus on enhancing palm farming and production of edible oil in the country, reports Daily News. The loans are meant to meet farming costs and increase palm oil availability by supporting production of quality oil palm seeds.…

Unilever Tea announces voluntary early retirement at its Kericho tea plantations

KENYA - Unilever Tea Kenya (UTK), a subsidiary of the British consumer goods giant Unilever Plc has announced a Voluntary Early Retirement scheme to cut on the number of staff at the Kericho-based tea plantations, Business Daily has reported. Unilever East Africa Corporate Affairs Director, Joseph Sunday the planned reorganisation was part of routine business…

Heineken to acquire 40% of China Resources Beer company for US$3.1b

NETHERLANDS - Heineken, a Dutch brewing company, has struck a US$3.1 billion partnership with a company that controls China's largest brewer, China Resources Beer, for a 40% stake as they seek to tap a growing thirst for premium brands in the world's biggest beer market. According to the company, the partnership will give it a…

Pepsico to invest US$100m in China factory to expand production and growth

CHINA – PepsiCo, an American multinational food, snack, and beverage corporation, has made plans to invest US$100 million to expand and renovate a food factory in Shanghai, China. According to FoodBev, the company said it will add a new production line and introduce advanced packaging and warehousing technology at the Songjiang plant. The investment will…

Thai dairy company Nutridor forms partnership to expand into the Cambodian market

ASIA - Nutridor, a dairy products manufacturer, has formed a new partnership that will see it introduce its Abevia Gold sweetened beverage and evaporate creamers to the Cambodian market. The dairy producer will hand over the marketing marketing and sales, merchandising, distribution and logistics of the products to DKSH Business Unit Consumer Goods, a market…