Truffle Asset Administration will increase stake in Astral Meals | Meals Enterprise Africa

SOUTH AFRICA – Astral Meals, a South African poultry heavyweight,  has disclosed that Truffle Asset Administration, a South African funding agency, has acquired 10.48% of its atypical shares. 

The transaction was made public by way of a securities discover posted on the corporate’s official web site.

In a press release, Astral Meals’ board of administrators confirmed the accuracy of the knowledge, stating that they’d relied on the main points offered by Truffle Asset Administration. 

“The board of administrators of Astral Meals accepts duty for the knowledge contained on this announcement and confirms that, to the most effective of their data, such info is true and this announcement doesn’t omit something prone to have an effect on the significance of such info,” the discover learn.

Based in 2008, Truffle Asset Administration manages belongings valued at round ZAR84 billion (US$4.8 billion). 

Based on the corporate’s web site, its core purpose is to ship long-term funding returns for its shoppers.

This follows one other current improvement in Astral Meals’ possession construction. 

On July 10, 2024, Mianzo Asset Administration (Pty) Restricted acquired a 5.16% stake within the poultry business large. 

The acquisition was disclosed in step with regulatory necessities, and Astral Meals has since notified the Johannesburg Inventory Trade and filed related paperwork with the Takeover Regulation Panel. 

Nedbank Company and Funding Banking sponsored this transaction.

The current adjustments in Astral Meals’ possession come towards the backdrop of economic difficulties confronted by the corporate. 

In November of final 12 months, Astral reported its first-ever annual loss, amounting to R512.2 million (US$27.8 million), in comparison with a revenue of R1.05 billion (US$57 million) the earlier 12 months.

The corporate attributed its monetary downturn to extended energy outages and a hen flu outbreak that severely impacted its operations. 

Astral Meals had beforehand issued revenue warnings all through the monetary 12 months, citing the damaging impression of load-shedding and the H7N6 hen flu pressure on its enterprise.