Pioneer Food Group acquires 49.89% Weetabix East Africa

Pioneer Food Group acquires 49.89% Weetabix East Africa

Pioneer Food Group Limited has informed it shareholders that it has gotten approval for the acquisition of 49.89% stake in Weetabix East Africa Limited.

In an email statement, Pioneer Food Group Limited said the Company is pleased to announce that the transaction was unconditionally approved by the Competition Authority of Kenya and all other conditions precedent to the transaction have
now been fulfilled.

Pioneer Food Group Limited is quoted on the Johannesburg Stock Exchange.

Company information (website)

Pioneer Foods is one of the largest South African producers and distributors of a range of branded food and beverage products. The Group operates mainly across South Africa, providing wholesale, retail and informal trade customers with products of a consistently high standard. Pioneer Foods exports to more than 60 countries across the globe. The growing international business represents 21% of operating profit.

The Group operates a number of world-class production facilities producing a range of products that includes some of the most recognisable and best loved brand names in South Africa, including the following power brands: Weet-Bix, Liqui-Fruit, Ceres, Sasko, Safari, Spekko and White Star.

The equity-accounted, joint venture investments based in South Africa, Nigeria, Botswana and Namibia do not form part of PFI’s segmental results, but are managed by the International division.

These include:

Heinz Foods SA (49.9%)
Bowman Ingredients South Africa (50%)
Bokomo Namibia (50%)
Bokomo Botswana (50%)
Food Concepts Pioneer Limited, Nigeria (50.1%)
Alpen Food Company SA (50%)
Amigear Ventures Botswana (49%)