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Prem-Cap Investments Pty Ltd Acquires a Stake in Companhia Industrial Da Matola

With effect 26 March 2015, Prem-Cap Investments (Proprietary) Ltd (“Prem-Cap”) has acquired a controlling stake in Companhia Industrial da Matola (“CIM”) in Mozambique.

Prem-Cap has acquired 68.3% of the shares in issue in CIM, which is the full shareholding of Custos Companhia Industrial Da Matola Proprietary Limited, part of the NMI Group. In addition, Prem-Cap has reached agreement with Concordia Offshore Development Limited (“Concordia”) to acquire all their shares in CIM, representing a further 9.2% of the shares in issue in CIM. The Concordia sale of shares agreement remains subject to regulatory approval in Mozambique which is expected in due course. 

CIM was incorporated in the mid-1940’s and operated as a private enterprise until it was nationalised in 1982 when the government embarked on a country-wide nationalisation of strategic assets during the country’s civil war. On conclusion of the civil war in 1992, the government implemented a privatisation process. NMI bought the company in 1995 in an open tender auction and began a programme to revitalise the business. CIM is now the leading food producing company in Mozambique with a diversified product range, comprising wheat flour, maize meal, pasta, biscuits and animal feeds. CIM’s primary brands are “Top Score” and “Celeste” (maize), “Florbella” and “Favourita” (wheat flour), “Polana” (pasta), “Maria”, “Coco” and “Aqua e Sal” (biscuits)  For its most recent financial year ended 30 June 2014, CIM reported revenue of Mt3.7 billion (~US$123 million).

 Prem–Cap is a subsidiary of Brait Sociétas Europaea (“Brait”), an investment holding company whose shares are listed on the Luxembourg Stock Exchange and on the JSE in South Africa. Since 2011, one of Brait’s core investment holdings has been its controlling stake Premier Group (Pty) Ltd (“Premier”).

Premier will be responsible for managing Brait’s investment in CIM. Brait and Premier plan to continue to grow CIM’s business in Mozambique by investing in its assets and people, as well as by adding new products to those currently produced and sold by CIM.

 Tjaart Kruger (CEO) welcomes to Premier the employees of the Companhia Industrial da Matola business.

Date: 18-05-2015