Rainbow lines up name change

If shareholders give their thumbs up at a meeting on 2 August, Rainbow Chicken Ltd will change its name to RCL Foods Limited and begin trading on the JSE under the new name on 2 September. Rainbow said the name would better reflect its’ strategy to become a food business of significant scale in SA and sub-Saharan Africa.

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The company owns integrated chicken business Rainbow Farms, which is South Africa’s largest producer and incorporates the Epol animal feed business. It also owns Vector Logistics, a third-party logistics service provider. Rainbow diversified its product range when it acquired 64,2% of Foodcorp on 29 April through its subsidiary Capitau Investment Management. On 1 July, Rainbow increased its stake in Foodcorp, the maker of Yum Yum peanut butter, Dogmor dog food, Glenryck canned fish and Nola mayonnaise, to 88,1%, paying R393 million for the 23,9% stake. Rainbow said the Foodcorp acquisition would help counter the cyclical nature of the chicken industry.