Food Industry
Industry: Email Alert RSS FeedSFI secures stake in S Daniels - Brief Article
Eurofood, Sept 27, 2001
Singapore Food Industries (SFI) announced that its offer and to acquire a stake in S Daniels, has been approved by Daniels' shareholders at an extraordinary general meeting.
The share package represents 29.76% of the share capital of Daniels valued at 10.4m [pounds sterling] (16.5m [European Dollar]). With its investment in Daniels, SFI will also gain two seats on the board.
Peter Tay, president and chief executive officer of SFI, said, "We are happy and satisfied with the outcome of the EGM.
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With the funds injected by SFI, Daniels is now able to move forward in its expansion plans and modernise its plants to take advantage of the opportunities in the growing chilled convenience food market in the UK." Tay added," We look forward to working with Daniels' management to improve the company's performance in order to further enhance its shareholder value."
Cyril Freedman, executive chairman of Daniels said: "As both companies share the same vision, we can look forward to greater growth opportunities for Daniels."
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