South Africa’s largest food company, Tiger Brands, has budgeted R600m for capital expenditure locally and is planning to make further investments in the rest of Africa to add to operations in Cameroon and Kenya.
Chairman Lex van Vught yesterday said the group was on the prowl for new investments in SA and the rest of Africa as part of a strategy to grow the business through organic and acquisitive expansion.
Last year, Tiger Brands bought a 51% stake in Haco Industries in Kenya and snapped up a confectionary firm in Cameroon, Chococam, of which it owns 74,7% . It also acquired Nestlé’s Crosse & Blackwell business.
Van Vught said the group expected to deliver solid results in this financial year, continuing with last year’s impressive 19,6% increase in headline earnings from operations of R2,17bn in the year to September.
www.directinvestment.biz
Wednesday, January 6, 2010
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