Tiger Brands increased its holding of National Foods, Zimbabwe’s biggest corn miller and cooking oil company, to 37%. It purchased about 11% of National Foods from Innscor Africa Ltd. on Oct. 21, Bloomberg said.
Innscor sold an 11.7% stake for $1.46 per share, or $11.7 million, Dzika Danha, director of Harare-based IH Group, a research company, said in an interview with Bloomberg, without saying how he knew. That’s 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 $201 million in the last fiscal year.