Latest news with #KOO
Daily Tribune
5 days ago
- Business
- Daily Tribune
South Korean firms eye Bahrain as gateway to MENA at business forum
Bahrain's business- and investor-friendly environment was hailed as an ideal gateway to the Middle East and North Africa (MENA) region during the 7th Bahrain-Korea Business Forum, held yesterday in Manama. The forum brought together over 100 governmental and business representatives from Bahrain and South Korea, underscoring the growing economic partnership between the two nations. Hosted by the Embassy of the Republic of Korea in close cooperation with Bahrain's Ministry of Industry and Commerce, the Economic Development Board, Bahrain Chamber, and the Bahrain–South Korea Friendship Society, the forum highlighted opportunities for deeper collaboration in sectors such as ICT, smart farming, K-beauty, and food. Speaking at the event, Dr KOO Heonsang, Korean Ambassador to Bahrain, praised Bahrain's efforts toward economic diversification under the Economic Vision 2030. He said Bahrain's business- and investor-friendly environment makes it an ideal gateway to the MENA region. Ambassador KOO also welcomed the upcoming ratification of the Investment Promotion and Protection Agreement, signed last year between Korea and Bahrain. Once in force, the agreement is expected to create a more secure and predictable environment for cross-border investments. Other key speakers included Abdulla Fakhro, Bahrain's Minister of Industry and Commerce; Mohammed Al Kooheji, Second Vice-Chairman of the Bahrain Chamber; and Ahmed bin Hindi, Chairman of the Bahrain–Korea Friendship Society. They all emphasised the strategic importance of strengthening Bahrain-Korea economic cooperation. Since its inception in 2017, the Bahrain-Korea Business Forum has alternated biennially between the two countries. This year's edition witnessed a record turnout of Korean companies, including CJ ENM, Korea Electric Power Corporation, Posco International, and DAESANG, along with leading government agencies such as KOTRA, NIPA, aT, and KOAT—reflecting the deepening of bilateral ties and growing mutual interest in business collaboration.
Daily Maverick
18-05-2025
- Business
- Daily Maverick
Tiger Brands passes the fruit basket to growers in sale of Langeberg & Ashton Foods
On Friday, 16 May, Tiger Brands, South Africa's largest food producer, announced the sale of its deciduous fruit business, Langeberg & Ashton Foods, to a consortium led by local fruit growers for a nominal sum of R1. The deal includes a R150-million commitment by the food producer to establish a community trust aimed at socioeconomic development initiatives benefiting the Langeberg community. This trust will hold a 10% beneficial shareholding in NewCo, with the consortium retaining the remaining 90% equity. The sale will also safeguard more than 3,000 permanent and seasonal jobs in a region heavily dependent on the deciduous fruit industry. Tiger Brands will invest R31-million to upgrade the effluent plant at Langeberg & Ashton Foods, ensuring compliance with environmental regulations and reinforcing its commitment to responsible corporate citizenship. 'The success of this sale will ensure the sustainability of the South African deciduous fruit industry and consequently improve the livelihoods of the Langeberg and Ashton Foods employees and the broader communities in these areas,' said CEO of Tiger Brands Tjaart Kruger. Situated in Ashton, Western Cape, Langeberg & Ashton Foods has played a vital role in the local economy since it was established in 1940. The decision to sell the business is part of a strategic plan announced by Tiger Brands in May 2020, aimed at simplifying its operations and concentrating on its core areas of business. 'It has been a long journey to find the right partner with the ability and financial capacity to ensure the continued and sustainable operation of the Langeberg & Ashton Foods business,' said Anthony Dicey, chairman of the Ashton Fruit Producers Co-operative. He said the efforts culminated in the signing of the sale of the business agreement, paving the way for the newly established NewCo, or Langeberg Foods Proprietary, to enter an exciting new era of supplying consumers with its well-known quality products. Real impact Langeberg & Ashton Foods forms part of Tiger Brands' international segment, producing canned fruit and purées for export markets (more than 80% of the business) and supplying Tiger Brands' culinary business unit with canned fruit under the KOO brand for southern African markets. As part of the deal, Tiger Brands and NewCo will enter into a contract manufacturing agreement for the purchase of canned fruit under the KOO brand. 'The conclusion of the sale marks a significant milestone in Tiger Brands' portfolio optimisation strategy and will enable management to deploy capital and drive focus on the core business that can deliver sustainable growth,' Kruger said. Tiger Brands' wider portfolio optimisation The sale also fits into a broader pattern of portfolio simplification by Tiger Brands. In November 2024, the company announced the disposal of its baby wellbeing business, comprising baby toiletries and medicinal products, to an unrelated third-party purchaser for more than R600- million. The baby wellbeing business included a range of trusted South African brands such as Elizabeth Anne's and Phipp's, while Tiger Brands retained its baby nutrition business, including the Purity brand, which remains a core part of its food manufacturing portfolio. Broader backdrop – financials and legal clouds The company recently reported a modest 1% rise in revenue and a 4% increase in headline earnings per share for the year ended September 2024. Dividends rose 4.3%, while the share price has sprinted about 30% this year, fuelled more by market sentiment than stellar operational growth. What this means for you Amid financial shifts and ongoing legal challenges, the sale of Langeberg & Ashton Foods marks a pivotal moment – not just for Tiger Brands, but for employees, communities, consumers and investors connected to the business: Employees and local communities: Job security for more than 3,000 permanent and seasonal workers is preserved and the Community Trust promises ongoing socioeconomic development initiatives, including food security, education and local infrastructure support. Consumers: Production continuity means familiar canned fruit products, including KOO brand peaches and pears, will remain available locally and internationally. Investors: The divestment allows Tiger Brands to streamline its portfolio, focusing on core growth areas, potentially enhancing operational efficiency and financial performance.
