AVI Ltd, South Africa's second-largest consumer products maker, forecast growth of as much as 15 percent in first-half per-share earnings, saying demand remained "sound" in the face of pressure on disposable incomes.

Five-month revenue increased 18 percent to 2.7 billion rand (US$280 million), the company also said in a statement to the Stock Exchange News Service in Johannesburg yesterday.

AVI rose 10 cents, or 0.5 percent, to 20.80 rand at 11:09am in Johannesburg, valuing the company at 7.1 billion rand, Bloomberg News said. The shares have gained 3.7 percent this year, compared with a 27-percent slide in the FTSE/JSE Africa All Share Index.

AVI said yesterday that it hadn't had any contact with Tiger Brands Ltd, South Africa's largest food maker, since that company made an offer, which was rejected by AVI's board. Johannesburg-based Tiger has made three offers for AVI. Tiger is canvassing AVI shareholders and has secured the support of Coronation Fund Managers Ltd, owner of a 25-percent stake.