SFI moves for Daniels control - Company News - Singapore Food Industries Private Ltd. makes bid for S. Daniels PLC - Brief Article

Eurofood, Oct 24, 2002

Singapore Food Industries has made an offer to acquire the remaining 70% stake that it does not currently own in UK-based chilled food producer S Daniels, owner of the New Covent Garden Soup Company. The cash offer is reportedly worth some US$26m (26.7m [euro]).

Peter Tay, president and chief executive officer at Singapore Food Industries said, "The further investment in Daniels is in line with Singapore Food Industries' international growth strategy for the UK and European markets."

Singapore Food Industries, which supplies the Singapore army with food, said the independent directors at the UK firm had already recommended the deal to shareholders.

Singapore Food Industries has also posted its nine-month figures, revealing a strong rise in net profit.

The Singaporean firm reported a 10.5% increase in net profit to S$21.6m (12.4m [euro]) due to the combined effect of lower taxes and increased sales abroad.

Net profit in the same period a year earlier came in at S$19.5m.

Turnover at the three-quarter stage was S$278.5m, an increase of 3.5%.