PIONEER FOOD GROUP LIMITED - Pioneer Foods Acquires A 49.8% Strategic Stake In Weetabix East Africa
PFG 201611160017A
Pioneer Foods Acquires A 49.8% Strategic Stake In Weetabix East Africa
Pioneer Food Group Limited
Incorporated in the Republic of South Africa
Registration number: 1996/017676/06
Share code: PFG
ISIN code: ZAE000118279
(“Pioneer Foods” or “the Company” or “the Group”)
PIONEER FOODS ACQUIRES a 49.89% STRATEGIC STAKE IN WEETABIX EAST
AFRICA
Pioneer Foods announces the acquisition of a 49.89% stake in Weetabix East Africa
Limited for an undisclosed amount. The stake will see Pioneer Foods in partnership with
Weetabix UK Limited.
The acquisition offers Pioneer Foods the opportunity to build a significant breakfast
position in the region, by targeting consumption growth of Weetabix, the No. 1 breakfast
cereal in the region, which enjoys a significant market share. The breakfast product
portfolio will be expanded over time. Weetabix East Africa also exports to neighbouring
countries.
The business enjoys attractive levels of profitability, and will provide a platform to introduce
a wider Pioneer Foods basket of products, given an established and well developed route
to market in various East African countries.
The transaction is subject to Kenyan regulatory approvals.
16 November 2016
Bellville
Sponsor
PSG Capital
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