KENYA: Tiger Brands confirms Rafiki Mills acquisition
Tiger expands in Kenya
South African food group Tiger Brands has today (21 January) confirmed it is in the process of buying out Kenyan flour miller Rafiki Mills.
"We are currently in no position to comment on the matter other than to say that an agreement has been signed. Details will be provided if and when the conditions are fulfilled," a spokesperson South Africa's largest food company told just-food.
Rafiki is ranked Kenya's fourth-largest flour miller, behind Mombasa Millers, Pembe Millers and Premier Group.
Tiger Brands has increasingly looked to develop its food operations and expand further into Africa's growing economies.
In 2012, the company purchased a majority stake in Nigerian flour and pasta maker Dangoteis. While the acquisition dented its full-year earnings, Tiger would seem bent on further expansion on the continent.
Outside South Africa, Tiger has operations in countries including Chile, Zimbabwe, Kenya and Cameroon.
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