Funguo Investments Limited has acquired a majority stake in Feastfoods Processors Limited, a food processing company in Kwale County. The company intends to set up a Ksh. 1 Billion plant to manufacture fruit juice puree and concentrates from locally grown fruits to sell to local and export markets juice and other food product manufacturers.
The transaction will see Funguo owning a 51% stake in the food processor. The completion of the transaction is however subject to regulatory approvals.
Feastfoods expects to employ over 50 employees and provide a market for over 30,000 fruit farmers in the coastal counties. They will target the supply fruits such as mangoes, passion fruits and pineapples, with a likelihood of other fruits and even vegetables and nuts being added to the portfolio later. The company will break ground for the construction of the processing plant in 3 months with the commissioning slated for October 2018. When the plant is up and running, the company estimates that it will produce 20 tons of fruit puree daily with the entire plant processing 36,000 tons per annum.
Funguo Investments Limited is an investment firm that was founded in 1987 and has invested in various sectors of the Kenyan economy such as Insurance, Insurance Brokerage, Risk and Pensions Consulting, Real Estate, Beverages and Concrete Products.