HARARE, June 27 (The Source) – Tanzanian food processor Bakhresa has notified Zimbabwe’s Competition and Tariff Competition that it plans to acquire 100 percent shareholding in Blue Ribbon.
Last year, Bakhresa won the bid for a stake in troubled Blue Ribbon Industries (BRI), as the first step in the planned recapitalisation of the company.
Bakhresa, which is the largest miller in Tanzania and has strong establishments in other countries in east and southern Africa, would provide equity capital of about $30 million to BRI.
The Competition and Tariff Commission confirmed the transaction on Monday.
“Bakhresa is proposing to acquire 100 percent shareholding of Blue Ribbon,” the commission said in a statement in Harare.
“Blue Ribbon is a manufacturer and distributor of bread flour, self raising, mealie-meal and stock feed among others. Bakhresa manufactures bread flour, self raising flour, mealie meal, ice cream, juices and water among others,” said the Commission.