Japanese food and ingredient manufacturer, Ajinomoto has agreed to buy a 33% stake in Promasidor at a cost of $532m (approx. ¥55.8bn yen).
The stake gives Ajinomoto access to Promasidor’s distribution network in 36 African countries. The deal values Promasidor at about $1.6bn.
Ajinomoto seeks to attract Africa’s growing middle class consumers to its products. The company sees rising demand for low-priced foods and daily essentials on the continent.