October 27, 2011
Tiger Brands increases its share holdings in National Foods
Tiger Brands Ltd. has increased its stake in Zimbabwe's National Foods Holdings Ltd., according to a Bloomberg report on October 21 (Fri).
Tiger Brands increased its holding of National Foods, to 37%. It purchased about 11% of National Foods from Innscor Africa Ltd.
Innscor sold an 11.7% stake for US$1.46 per share, or US$11.7 million, Dzika Danha, director of Harare-based IH Group, a research company, said. That is 76% more than National Foods' last traded price on the Zimbabwe Stock Exchange. Innscor runs fast food outlets and spun off a crocodile farming unit last year.
National Foods has the capacity to mill 600,000 tonnes of corn annually, 264,000 tonnes of wheat flour and to process 480,000 tonnes of stock feeds, according to IH Securities.
Annual revenue was US$201 million in the last fiscal year.