14th Apr 2015 08:31
LONDON (Alliance News) - Agriterra Ltd shares were up Tuesday morning after the African agricultural business expanded its retail butchery business in Mozambique by opening a new distribution centre and retail unit in the country's third-largest city Nampula.
The company, which has a 'field-to-fork' strategy and owns beef ranches, feedlots, abattoirs and butcheries, said the new distribution centre and retail unit will give it a platform to expand into northern Mozambique. It is already planning two other satellite retail units in Nacala and Pemba during 2015 and looking at options for other sites.
"The domestic demand for quality beef products in Mozambique continues to increase providing Agriterra with a significant, and constantly growing, captive audience. The growth in our domestic market is particularly encouraging as it provides us with the scale and capability to target export sales. We are actively evaluating export opportunities which, if successful, could dramatically scale up our beef business in the medium term," Chairman Phil Edmonds said.
Agriterra is also planning smaller satellite retail units to leverage off its existing infrastructure at Dondo, near Beira, and a second retail unit in the major city of Beira.
Its shares were up 7.0% at 0.610 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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