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Sovereign to acquire Simile Farmers broiler farm for R36m

11th March 2015

By: Tracy Hancock

Creamer Media Contributing Editor

  

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JSE-listed Sovereign Food, through its wholly owned subsidiary Crown Chickens, entered into an agreement on Monday to buy a broiler farm from Simile Farmers for R36.25-million, including value-added tax, to secure its supply chain.

Sovereign, a fully integrated poultry business, advised its shareholders of the acquisition on Wednesday.

The company explained that as the purchase had been categorised as a Category 2 transaction, in accordance with the JSE’s listings requirements, shareholder approval was not required.

All conditions precedent had been fulfilled.

Edited by Creamer Media Reporter

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