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Johann Rupert-chaired Remgro swoops in with offer to buy shares in ‘embarrassment’ Rainbow Chicken

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Remgro chairperson, Johann Rupert
Remgro chairperson, Johann Rupert

Investment holding company Remgro is cementing itself further into one of South Africa’s oldest consumer goods companies, RCL Foods, in what appears to be an attempt to unlock the company’s value and turn its fortunes around.

RCL Foods, which also owns the Rainbow Chicken, Ouma rusks, Selati Sugar and Yum Yum peanut butter brands, has had a tough year, reporting a loss of R959 million for the year ended June 2020, an increase from the R183.9-million loss the previous year. The group has also been hit hard by Covid-19 pandemic as demand for chicken declined following the closure of quick service restaurants during the lockdown. 

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