SOUTH AFRICA – Astral Foods, a South African poultry heavyweight, has disclosed that Truffle Asset Management, a South African investment firm, has acquired 10.48% of its ordinary shares.
The transaction was made public through a securities notice posted on the company’s official website.
In a statement, Astral Foods’ board of directors confirmed the accuracy of the information, stating that they had relied on the details provided by Truffle Asset Management.
“The board of directors of Astral Foods accepts responsibility for the information contained in this announcement and confirms that, to the best of their knowledge, such information is true and this announcement does not omit anything likely to affect the importance of such information,” the notice read.
Founded in 2008, Truffle Asset Management manages assets valued at around ZAR84 billion (US$4.8 billion).
According to the company’s website, its core goal is to deliver long-term investment returns for its clients.
This follows another recent development in Astral Foods’ ownership structure.
On July 10, 2024, Mianzo Asset Management (Pty) Limited acquired a 5.16% stake in the poultry industry giant.
The acquisition was disclosed in line with regulatory requirements, and Astral Foods has since notified the Johannesburg Stock Exchange and filed relevant documents with the Takeover Regulation Panel.
Nedbank Corporate and Investment Banking sponsored this transaction.
The recent changes in Astral Foods’ ownership come against the backdrop of financial difficulties faced by the company.
In November of last year, Astral reported its first-ever annual loss, amounting to R512.2 million (US$27.8 million), compared to a profit of R1.05 billion (US$57 million) the previous year.
The company attributed its financial downturn to prolonged power outages and a bird flu outbreak that severely impacted its operations.
Astral Foods had previously issued profit warnings throughout the financial year, citing the negative impact of load-shedding and the H7N6 bird flu strain on its business.
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