Subsidiary of investment firm Brait, Premier Foods is seeking to expand its scale through additional agribusiness acquisitions in Southern Africa. Premier Foods, whose brands include Snowflake wheat, Iwisa maize, Blue Ribbon bread, and the Dove cotton and wool brand acquired Ngwana Mills in Swaziland in June and both Star Bakeries and Lil-lets in November 2013. Premier Foods’ parent company, Brait aims to increase its share in Premier Foods from 85% to more than 90% in the next two to three years and issued a warning to its shareholders that it was in negotiations that could significantly change its share value. Brait states that depending on the size of the transaction, it would consider assisting in the funding of Premier Foods’ acquisition. Brait’s value of investments grew 24% in the six months to the end of September to R18.4 billion (US$1.68 billion) from R14.8 billion (US$1.35 billion) previously, with cash of R622 million (US$56.86 million) on hand.
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