Prof Njuguna Ndung’u (left), the CBK Governor, Mr Polycarp Igathe, who was Haco Tiger Brands CEO, and businessman Chris Kirubi during the launch of the firm in Kenya in 2011. Tiger Brands has bought a Nairobi miller and bakery. FILE
The competition watchdog has paved the way for South Africa’s Tiger Brands to acquire a Kenyan flour miller and bakery for Sh2.1 billion.
The Johannesburg Stock Exchange-listed firm had reached an agreement for the complete buyout of Rafiki Mills and Magic Oven Bakeries.
“The Competition Authority authorises the acquisition of 100 per cent of the issued share capital of Rafiki Millers Limited by Tiger Brands Limited,” said Wang’ombe Kariuki, the director-general.
The deal comes five years after Tiger Brands bought a majority stake in Haco from billionaire Chris Kirubi.
For Tiger Brands, the acquisition of Rafiki is part of its plans to gain a larger market share of Africa’s food business including flour milling, beverages and snacks.
The acquisition of Rafiki by the deep-pocketed Tiger Brands is set to increase competition in the local cereal and flour milling business.
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