Israel's two largest supermarket chains, Blue Square Israel Ltd. (NYSE: BSI; TASE: BSI) and Super-Sol Ltd. (TASE:SAE;Pink Sheets:SSLTF), today denied media reports that they were placing restrictions on rice sales to customers. A Blue Square executive said that the reports were groundless.
Last week, "Globes" was the first to report that Sugat Ltd., would raise its price of rice by 50% immediately after the Passover holiday. The company is Israel's largest rice importer and the main supplier to retailers.
Sources inform ''Globes'' that the Rishon LeZion branch of Hezi Hinam supermarket chain almost completely sold out its rice on Sunday morning.
Rising food prices worldwide, especially for rice, has led producers to halt or limited exports of basic rice, including Indonesia, Vietnam, China, and India. Some countries are permitting exports of basmati rice. India has restricted rice exports to four ports in an effort to better control exports.
Published by Globes [online], Israel business news - www.globes-online.com - on April 27, 2008
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