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Rainbow Chicken: Stake in Foodcorp raised by 23.9% more
Rainbow Chicken: Stake in Foodcorp raised by 23.9% more

Rainbow Chicken: Stake in Foodcorp raised by 23.9% more


IOL Business - Jul 3rd, 11:56

Rainbow Chicken has entered an agreement to acquire a further 23.9 percent stake in food producer Foodcorp, a transaction that would increase this broiler producer’s effective interest in Foodcorp to 88.1 percent. In April, Rainbow acquired a 64.2 percent stake in Foodcorp through its subsidiary Capitau Investment Management.

Rainbow will pay Foodcorp management and Foodcorp Management Holdings a total cash consideration of R393 million for the 23.9 percent

stake. It said increasing its stake would enable it to broaden its range and its ability to compete effectively as a food player. Rainbow shares gained 2.26 percent to close at R15.85. 

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