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RCL Foods Limited (JSE:RCL) News - Voluntary announcement: Acquisition of Sunshine Bakery
RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/004972/06)
ISIN: ZAE000179438
Share Code: RCL
("RCL FOODS")
VOLUNTARY ANNOUNCEMENT: ACQUISITION OF SUNSHINE BAKERY
RCL FOODS is pleased to announce the conclusion of an agreement for
the acquisition of Sunshine Bakery Holdings Proprietary Limited
("Sunshine Bakery") (the "Acquisition"), a Company indirectly
majority-owned by AFGRI Group Holdings.
Established in 2005 by Daniel Anastasis, Sunshine Bakery, based in
KwaZulu-Natal, is one of South Africa’s largest independent baking
businesses. It serves a diversified customer base in the formal retail
and general trade channels, through two regional bakeries in Durban
and Pietermaritzburg, as well as various depots across the province.
The Acquisition is in line with RCL FOODS’ strategy to scale the
value-added brands component of its portfolio and to expand the
capability of its established Baking business unit into new
geographies. The Acquisition will increase bread volumes in the RCL
FOODS Baking network by 28%.
The Acquisition falls below the threshold for categorisation in terms
of the JSE Limited Listings Requirements, and therefore this is a
voluntary announcement provided for information purposes only.
The transaction is subject to the fulfilment of both regulatory and
commercial suspensive conditions by no later than 30 November 2022.
Durban
26 July 2022
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26-07-2022 10:30:00
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