Monday, 12 September 2011

Rainbow announce that it has concluded an agreement to acquire the poultry processing operations of Bush Valley Chickens, located near Tzaneen in Limpopo province, for a purchase consideration of R92.5 million ("the transaction"). The facility currently processes approximately 150,000 chickens per week and fits Rainbow's strategic growth plan, although the short-term impact on earnings is expected to be immaterial. The transaction is subject to approval by the Competition Commission and the fulfilment of certain suspensive conditions.