IFC invests US$25m in KazFoodProducts food processing group

ASIA - The International Finance Corporation (IFC), a member of the World Bank Group is investing US$25 million in KazFoodProducts LLP food processing group of companies operating in grain milling and confectionary sectors. The investment aims at supporting the company’s expansion plans, boost Kazakhstan agricultural sector through diversification strategies as well as enhancing global food…

Botswana turns to South Africa and Zambia for maize imports

BOTSWANA - Botswana continues to import 170,000 metric tonnes of maize annually as it has always run out of corn due to insufficient local production, according to an article by AllAfrica. Speaking in an interview, Botswana Agricultural Marketing Board (BAMB) chief executive officer, Mr Leonard Morakaladi noted that on annual basis the country needed 190…

Seaboard’s Unga buyout offer period extended to late June

KENYA- Seaboard’s Corporation’s offer of US$0.40 per share for Unga Group will wait longer to close after a section of Unga’s significant shareholders termed the offer by the multinational conglomerate as inadequate, citing the company’s assets. The extension indicates that Seaboard has not yet met minimum requirement for a 75% stake needed for the transaction…

Ghanaian Agribusiness company to invest US$5m in maize processing factory

GHANA - KEDAN Ltd, an agribusiness firm with activities in maize and soyabean is set to invest US$5 million by 2019 to increase daily production in a maize processing factory it recently inaugurated in Tumu, Ghana. The funds will be used in improving the company’s working capital for raw material aggregation, construction of silos, irrigation…

Davipel Group invests US$12m in snack facilities

ZIMBABWE - Davipel Group of Companies, an agro-processing firm has invested US$12 million to construct two state-of-the-art snack facilities as it builds mileage in snacking, milling and feed production. Launched by President Mnangagwa, the facilities come handy following the government’s control on imports under Statutory Instrument 64 (SI 64) of 2016, a legislation that requires…

World Bank, federal government opens up markets for rice farmers

NIGERIA - The Federal Government of Nigeria in collaboration with the World Bank is opening new market frontiers for rice farmers by linking them with off-takers and aggregators, reported This Day Nigeria. Through the Ministry of Water Resources, the government organised a business forum bringing together rice farmers, off-takers and other value chain actors in…

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…

Flour Mills Nigeria enters partnership with DowDuPont for maize hybrid development

NIGERIA - Flour Mills of Nigeria PLC, one of Nigeria’s leading food and agro-allied companies and Corteva Agriscience, Agriculture Division of DowDuPont have entered into partnership for maize hybrid seed development in Nigeria. According to the company, this move reiterates the commitment of Flour Mills of Nigeria Plc (FMN) to be a catalyst in the…

Seaboard Corp.’s profit falls 36% on lower corn and soybean meal sales

USA - Seaboard Corp, the diverse multinational agribusiness and transportation conglomerate has posted operating income of US$11 million, a 36% decline for the Commodity Trading and Milling (CT&M) segment on lower corn and soybean meal sales prices and volumes. In the first quarter ended March 31, net sales increased by 8% to US$786 million reflected…

Zambia’s 2018 maize output to fall 34% on account of drought

ZAMBIA - Zambia’s maize production for 2017/18 will fall 34% to 2.39 million metric tonnes as compared to the previous year largely impacted by drought, according to Agriculture Minister Michael Katambo who based the report on a government survey. According to the minister, farmland under corn fell to 1.39 million hectares from 1.64 million hectares…