@BusinessDaily

Investment firm Funguo ventures into agro industry

7 months ago, 7 Mar 17:38

By: Annie Njanja

Funguo Investments, which is partly-owned by parastatal ICDC, has bought a majority stake in Feastfoods Processors marking its entry into the agro processing industry. The firm has injected Sh425 million into the venture in a deal partly financed by Sh246 million debt from ICDC. Feastfoods Processors, a subsidiary of Next Estate, is setting up a fruit juice puree and concentrates plant in Kwale county, a project currently valued at Sh1 billion. Nest Estate has bought land and is currently setting up the premises. The acquisition of specific machinery is set to follow as efforts to start the plant’s operations in late October get underway. The factory will have a capacity to produce 20 tonnes of fruit puree and concentrates daily and plans to sell in bulk the processed mango, pineapple and passion juice to suppliers and packaging firms, both locally and internationally. “What most people don’t know is that Kwale is an agricultural place and is one of the top producers of mangoes in Kenya.” Funguo Investments holds significant equity in AON Kenya Insurers Brokers, Almasi Beverages Limited, UAP Holdings, Africa Energy Group, the producers of concrete power poles, and Heri Limited, a real estate firm that has a stake in College House, Kolobot Gardens and Norfolk Towers. Feastfoods expects employ 50 people and provide market to over 30,000 farmers in the coastal town.
Read More


Category: business corporate news lifestyle markets opinion economy

Suggested

16 hours ago, 17:35
@TheEastAfrican - By: Christopher Kidan ...
Tanzanian power plant still attracts opposition

Conservationists against $3 billion Stiegler’s Gorge hydropower plant. ...

Category: topnews news business
9 hours ago, 00:20
@StandardMedia - By: Nzau Musau
Kenya Power switches off poles cartel

Suppliers will no longer need to go through Kewopa, which had exclusive rights. ...

Category: business news
17 hours ago, 16:02
@CapitalFMNews - By: Correspondent
30 KRA, quality standards officials arrested over contraband imports

NAIROBI, Kenya, Sep 22 - At least 30 senior officials of the Kenya Revenue Authority (KRA) and Kenya Bureau of Standards (KEBS) have been arrested by Kenya breaking news | Kenya news today | ...

Category: business
18 hours ago, 15:42
@CapitalFMNews - By: Correspondent
30 KRA officials arrested over contraband imports

NAIROBI, Kenya, Sep 22 - At least 30 senior officials of the Kenya Revenue Authority (KRA) have been arrested by detectives from the Directorate of Kenya breaking news | Kenya news today | ...

Category: business
21 hours ago, 12:43
@TheEastAfrican - By: Christopher Kidan ...
Tazara flyover done, now in use

The overpass is expected to eventually reduce traffic jams by 80 per cent. ...

Category: topnews news business
21 hours ago, 12:54
@StandardMedia - By: Valentine Kondo
These are negative, positive news if Kenya failed to implement president’s bill

If Kenya failed to implement the above bill, then it means that IMF would have withdrawn Sh100 billion credit facility from the country hence Kenya ...

Category: business news

@BusinessDaily

Investment firm Funguo ventures into agro industry

7 months ago, 7 Mar 17:38

By: Annie Njanja
Funguo Investments, which is partly-owned by parastatal ICDC, has bought a majority stake in Feastfoods Processors marking its entry into the agro processing industry. The firm has injected Sh425 million into the venture in a deal partly financed by Sh246 million debt from ICDC. Feastfoods Processors, a subsidiary of Next Estate, is setting up a fruit juice puree and concentrates plant in Kwale county, a project currently valued at Sh1 billion. Nest Estate has bought land and is currently setting up the premises. The acquisition of specific machinery is set to follow as efforts to start the plant’s operations in late October get underway. The factory will have a capacity to produce 20 tonnes of fruit puree and concentrates daily and plans to sell in bulk the processed mango, pineapple and passion juice to suppliers and packaging firms, both locally and internationally. “What most people don’t know is that Kwale is an agricultural place and is one of the top producers of mangoes in Kenya.” Funguo Investments holds significant equity in AON Kenya Insurers Brokers, Almasi Beverages Limited, UAP Holdings, Africa Energy Group, the producers of concrete power poles, and Heri Limited, a real estate firm that has a stake in College House, Kolobot Gardens and Norfolk Towers. Feastfoods expects employ 50 people and provide market to over 30,000 farmers in the coastal town.
Read More

Category: business corporate news lifestyle markets opinion economy

Suggested

16 hours ago, 17:35
@TheEastAfrican - By: Christopher Kidan ...
Tanzanian power plant still attracts opposition

Conservationists against $3 billion Stiegler’s Gorge hydropower plant. ...

Category: topnews news business
9 hours ago, 00:20
@StandardMedia - By: Nzau Musau
Kenya Power switches off poles cartel

Suppliers will no longer need to go through Kewopa, which had exclusive rights. ...

Category: business news
17 hours ago, 16:02
@CapitalFMNews - By: Correspondent
30 KRA, quality standards officials arrested over contraband imports

NAIROBI, Kenya, Sep 22 - At least 30 senior officials of the Kenya Revenue Authority (KRA) and Kenya Bureau of Standards (KEBS) have been arrested by Kenya breaking news | Kenya news today | ...

Category: business
18 hours ago, 15:42
@CapitalFMNews - By: Correspondent
30 KRA officials arrested over contraband imports

NAIROBI, Kenya, Sep 22 - At least 30 senior officials of the Kenya Revenue Authority (KRA) have been arrested by detectives from the Directorate of Kenya breaking news | Kenya news today | ...

Category: business
21 hours ago, 12:43
@TheEastAfrican - By: Christopher Kidan ...
Tazara flyover done, now in use

The overpass is expected to eventually reduce traffic jams by 80 per cent. ...

Category: topnews news business
21 hours ago, 12:54
@StandardMedia - By: Valentine Kondo
These are negative, positive news if Kenya failed to implement president’s bill

If Kenya failed to implement the above bill, then it means that IMF would have withdrawn Sh100 billion credit facility from the country hence Kenya ...

Category: business news
Our App