23rd Aug 2013 13:18
AfriAg plc
("AfriAg" or the "Company")
Further regarding investment in South African agri-logistics business
On 30 July 2013 AfriAg (AIM: AFRI), the AIM-listed agricultural value chain investing company, announced that it had signed the sale and purchase agreement ("SPA") to acquire a 40% shareholding in South African company AfriAg (Pty) Ltd ("AfriAg SA"). This is the Company's first investment under its stated investment policy to invest into the growing African agriculture and logistics sector.
Under South African law the SPA is required to be stamped by the South African regulatory authorities, as detailed in the announcement released on 30 July 2013. This process is at an advanced stage and the Company anticipates that the South African regulatory approvals will be forthcoming shortly. Once the required documentation has been stamped by the South African regulatory authorities there will be no further conditions to be fulfilled pursuant to the transaction save for admission of the Consideration Shares (as defined in the announcement released on 30 July 2013) to trading on AIM.
The Company hopes to be able to update shareholders in the near future.
For further information please contact:
AfriAg plc: +44 (0) 20 7440 0640
David Lenigas
Donald Strang
Nominated Adviser and Broker:
Allenby Capital Limited +44 (0) 20 3328 5656
Nick Naylor
Nick Athanas
Public Relations:
Square1 Consulting +44 (0) 20 7929 5599
David Bick
Notes to Editors:
AfriAg's vision for the future is to build a series of partnerships and alliances with specialist companies operating in agri-logistics throughout Africa to create the first truly pan-African agri-logistics conglomerate with offices and representative offices across Africa. We are confident that AfriAg SA is the first of many partnerships we will create throughout the continent. The aim is to provide each customer with a bespoke 'field-to-fork' service at the right value, at the right time and at the right quality.
Related Shares:
Afriag Global