Saturday, February 27, 2021

Regulators give RCL Food go ahead to buy 49 percent of Senn Foods

The South Africa and Botswana competition regulators have given a nod
to RCL Food’s proposed acquisition of a huge stake held in Senn Foods
by prominent Botswana businessman.

RCL Foods said in March that through one of its operating subsidiaries
Vector Logistics (Pty) Ltd, it had entered into an agreement to
acquire a 49 percent shareholding in Senn Foods Logistics (Pty) Ltd of
Botswana, for P65.5m or R79.9m.

Senn Foods Logistics is owned 61 percent by Derek Brink Holdings and
39 percent by Rita Brink Holdings.

“The acquisition was subject to regulatory approvals in Botswana and
South Africa, and RCL Foods is pleased to confirm that the necessary
approvals have been obtained and that the acquisition is
unconditional,” said Sharenet, which provides financial information
and services for investors on The JSE Securities Exchange and other
South African markets.

Senn Foods Logistics is the largest cold chain distribution business
in Botswana and is involved in the distribution of dry, frozen and
chilled foodstuffs.

The business currently represents almost all of Vector’s principals in
Botswana including Rainbow, McCain, I&J and Fry’s as well as QSR
customers Chicken Licken, Nando’s, Spur and Wimpy.

RCL Foods Limited is engaged in consumer focused food business, while
Vector Logistics is a specialised logistics service provider for the
food industry in Southern Africa providing integrated logistics to
retail, wholesale and food service sectors.

“The acquisition is in line with RCL Foods’ growth aspirations into
Africa and Vector’s long term strategy to extend its reach into other
African countries and to offer world class logistics and sales
solutions to existing and future partners in these countries,” it
added.

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