Singapore’s Olam buys Nigerian food company for $ 66 million
Singapore commodities trader Olam International Ltd said on Thursday it bought 100 percent of Nigerian dairy and beverage company Kayass Enterprises S.A. for $66.5 million.
Olam said Kayass owns several brands including the beverage “Nature’s Fresh” and that the acquisition would allow it to tap into Nigeria’s fast-growing consumer market, according to Reuters.
This purchase represents just another notch in acquisitions Olam has made in Nigeria.
Earlier this year, Olam bought Titanium holdings, a Nigerian biscuits and Candy maker for $ 167 million.
One could deduce Olam has a strategic expansionary focus based in sub-Saharan Africa.
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