CLOVER Industries, South Africa’s largest dairy and milk maker, is understood to be interested in partnering Dairibord Holdings in taking advantage of opportunities in Zimbabwe’s dairy industry.
Dairibord owns and controls Dairibord Zimbabwe (Pvt) Limited (DZL) and five other subsidiaries, including Lyons, which produces fruit juices, ice cream and other foodstuffs.
DZL has in the last five years found it difficult to cope with both cash-flow challenges linked to price controls and cyclical and structural changes in the supply of milk to feed its expanding product lines that include yoghurt, cheese and ice cream.
When contacted for comment, Anthony Mandiwanza, the chief executive officer of Dairibord, played down the issue as a “load of speculation”. “There is nothing like that. As a company listed on the ZSE (Zimbabwe Stock Exchange), we are required by law to inform shareholders if there is anything happening,” said Mandiwanza. But sources privy to the deal confirmed officials from Clover have been in touch with Dairibord, but the negotiations were still in their infancy. “Clover is seriously keen on working out something with DZL. They realise there are a lot of opportunities in Zimbabwe and are amenable to some form of a working relationship with DZL,” said a source.
Clover, which transformed itself from a co-operative into a private company in 2003, receives and processes about 30 percent of South Africa’s milk into a wide range of butter, yoghurts, fresh and sour milk and cheese brands.Recently, about 10 million
Dairibord shares were disposed of and simultaneously acquired under the REMO Investment Brokers Limited nominee account in a book-over deal worth about US$900 000 involving a foreign investor. A book-over matches a buyer and a seller at the same time The deal accounted for nearly half of the total value of shares traded on the day, which reached US$2 155 145, representing a daily increase of about 154 percent. The share transfer may, however, not result in a change on the share register as REMO nominees was both the seller and the buyer.
Posted by: Takudzwa Kufa
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