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Notes From Africa: HMH Rainbow, Illovo Sugar, Kakuzi, FanMilk, Agvest Limited

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ESM is proud to launch a new weekly series, Notes From Africa, which will bring you the latest retail, consumer goods and food and beverage stories from across the African continent. Past editions can be found here.

In this week's report:

Uganda: HMH Rainbow Seeks To Raise €5.7m For Business Expansion

HMH Rainbow, the Ugandan producer of fresh and frozen poultry, is seeking to raise $7 million (€5.7 million) from the International Finance Corporation (IFC) to support its expansion plan, which is expected to cost a total of $12 million. The company plans to build new grain silos as well as temperature-controlled broiler houses. HMH operates 12 broiler farms with a capacity of one million birds per year in Semuto, about 50 kilometres outside of Kampala City. The company has operations in Uganda and Kenya and sells raw chicken as well as semi-processed under the brand Yo Kuku.

Tanzania: Illovo Sugar To Launch New Modern Sugar Production Facility In July 2023

In Tanzania, Illovo Sugar is commissioning a new sugar production plant, which is set to be operational by July 2023. Costing Sh571.6 billion (€200 million), the plant will have a production capacity of 271,000 tonnes of sugar, more than double the potential of its existing facility. It will rely on a volume of 1.7 million tonnes of sugar cane, which will be supplied by a network of nearly 15,000 farmers. Construction will start by the end of May and will last 25 months. Through this investment, the company expects to reduce the amount of sugar that needs to be imported into the country each year, and the project is aligned with a government programme to reach sugar self-sufficiency in the country by 2025.

Kenya: Kakuzi To Invest $3.7 Million In Avocado Production

Kenyan fruit producer Kakuzi is planning to invest 400 million shillings (€3 million) in increasing avocado production. The company wants to increase exports to take advantage of rising global demand, while it has just regained access to supermarket chains such as Tesco, Sainbury's and Lidl after accusations of labour rights violations in last October. Kakuzi reported a turnover of Sh3.6 billion in 2020, of which Sh2.3 billion came from the sale of avocado.

Ghana: Fanmilk Launches New Yoghurt Brand

Dairy manufacturer FanMilk has launched a new brand of yoghurt, Nutriday, which is fortified with zinc and available in plain, sweetened, strawberry and vanilla flavours. With this innovation, the company aims to contribute to a healthier diet for children by providing them with important nutrients for their immune system. FanMilk is majority owned by the French dairy group Danone.

Nigeria: Agvest Limited To Raises Funds Through Cashew Nut Contract Listing

Agvest Limited is planning to list cashew contracts in Nigeria in order to raise N5 billion (€10 million) in funding for expansion of its operations. The company plans to use the money to expand its current 210-hectare plantation at Iwo in Oyo State as well as set up a processing factory.

© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Espoir Olodo. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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