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Professional investors believe more could be heading (or pushed) to the door.
Tiger Brands said first-half profit fell as Africa’s biggest publicly traded packaged-food company battles to overcome weak economic growth and the aftermath of a deadly outbreak of listeriosis.
Tiger Brands, which had to recall cold meat products after a listeriosis outbreak early in 2018, says it has not yet received a summons for a class action suit.
Tiger Brands chief corporate affairs officer Mary Jane Morifi said the company would support the class action notice process to ensure that anyone with a legitimate claim can be informed of the class action.
Tiger Brands' financial results show that the company has been hammered by tough trading conditions, including the impact of a deadly listeriosis outbreak.
The price of polony initially fell by 14.4%, but has recovered slightly and is now 3.8% cheaper than in 2017.
Tiger Brands may never know how a strain of bacteria linked by the government to the world’s deadliest outbreak of listeriosis entered its factory, Bloomberg reports.
The company, which is at the centre of a listeriosis crisis, is waiting for feedback from government departments.
Zambia says it has partially lifted a ban on processed meat and diary products from South Africa that were linked to the world’s worst outbreak of listeriosis.
A class action suit has been launched against Tiger Brands and Enterprise Foods at the Johannesburg High Court over listeriosis.
Some 70% of consumers will buy a bigger pack if it's on promotion, and it offers value
In February, the court determined that Richard Spoor Attorneys could go ahead with its class action application representing more than 1000 people affected by the listeriosis outbreak that claimed over 200 lives.
There are some 1,000 claimants in the class action lawsuit triggered by Listeria traced back to Tiger Brands' Enterprise polony factory. If they are all successful in those claims, best-guess estimates suggest they will be paid between R100 million and R2 billion.
More than 200 people lost their lives due to the listeriosis outbreak which infected over a thousand people.
Tiger Brands is re-opening its meat products processing facility that was closed following a major listeriosis outbreak.
Tiger Brands share price slumped more than 10% after the food, home and personal care products maker warned that annual profits would be up to 37% lower than the previous year.
The People First Piggery in the gritty South African mining city of Rustenburg used to slaughter 150 pigs each month. It’s now down to zero.
The company's own test confirms deadly listeria strain in its products.
Food giant and its subsidiary Enterprise face sizeable compensation claims.
The bacteria, which has led to 183 deaths, has also rocked RCL Foods and Tiger Brands’ Enterprise Foods, whose facilities have been linked with listera monocytogenes.
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