RCL Foods Set to Acquire Remgro’s TSB Sugar Holding In $394mn Deal
News: South Africa-based food company RCL Foods is set to acquire two units of TSB Sugar Holdings for ZAR4bn (US$394mn) in shares. The deal will allow RCL to diversify across the food industry value chain, according to CEO Miles Dally. The company will issue around 231mn shares for ZAR17.32 (US$1.71) a share to purchase TSB's South African and Swaziland-based units, owned by South Africa-based luxury goods company Remgro. The group is also considering offering a new transaction for black shareholding in the company at 7.7% prior to any further fundraising, according to director for corporate affairs Stephen Heath.