JSE-listed RCL Foods, through a shareholding in Hudani Manji Holdings (HMH), intends to enter the East African region with an “established reputable partner”, creating one of the largest processors and marketers of chicken in both Uganda and East Africa.
Durban-based company announced on Friday that it would acquire 33.5% of the total issued share capital of HMH, a private company incorporated under the laws of Uganda, for $4.66-million in cash.
A poultry producer operating a feed mill, broiler farms and processing plant, HMH was currently owned by the Hudani and Manji families, who had extensive interests in East Africa in food processing, distribution, construction, telecoms, real estate and hospitality.
The acquisition was not subject to JSE listings requirements due to its size and was only subject to a number of nonmaterial conditions precedent, explained RCL.
RCL was the owner of South African chicken processor and marketer Rainbow, which had 209 rearing, laying and broiler farms and hatcheries, boasting 30-million birds on the ground. The business had six processing plants, which produced 392 000 t/y of chicken. Source: Engineering News