Key Developments: Agriterra Ltd (AGTAF.PK)
0.03USD
3 May 2013
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Latest Key Developments (Source: Significant Developments)
Agriterra Ltd Expands Its Cocoa and Farming Operations in Sierra Leone
Agriterra Ltd announced that it has expanded its cocoa and farming operations in Sierra Leone, through its wholly owned subsidiary Tropical Farms Ltd. TFL has completed the acquisition of a 50 year lease, with a 21 year extension option, over a previously producing cocoa and coffee plantation covering 1,208 hectares, located 40km from Kenema in south-east Sierra Leone. The Plantation, which was previously run by Beresfords will be rehabilitated and redeveloped in order to recommence the production of cocoa, coffee and additional cash crops. A further 546 hectares, located contiguously to the north of the Plantation has also been signed on the same terms as the Plantation. A modern nursery is being installed, which has an irrigation system capable of supporting capacity of up to 500 hectares worth of seedlings and covers a green area of 1.6 hectares and has a total size of 1.7 hectares. It contains 250,000 seedlings in the germination process, which will be used to plant a 200 hectare area. 56 acres are already under cocoa cultivation. A total of 160 workers are currently being employed from the local community. Machinery purchased includes two excavators, two backhoes, one D6D bulldozer and three tractors. In line with the Board's desire to expand its cocoa plantation business, TFL is negotiating to secure a further 1,200 hectares. The Group hopes to announce the completion of these negotiations in the near term. Full Article
Agriterra Ltd Opens Second Beef Retail Unit in Mozambique
Agriterra Ltd announced that it has opened its second beef retail unit (the Retail Unit) in Mozambique, as part of the Group's strategy of its beef business. The Retail Unit, located in Tete, is being supplied by carcasses from Agriterra's newly constructed 4,000 head per month capacity abattoir located in Chimoio, which commenced operations December 2012. Full Article
Agriterra Ltd Enters Into Agreement With Marathon Oil Corp's Marathon Ethiopia Limited BV
Agriterra Ltd announced that it has entered into an agreement with Marathon Ethiopia Limited BV, a subsidiary of Marathon Oil Corp ('Marathon'), for the sale of its 20% legacy interest in the South Omo Block ('South Omo') in Ethiopia, for a cash consideration of USD40 million on completion and a further USD10 million on Marathon's participation in a "Commercial Discovery" (the 'Agreement'). Agriterra will utilise the funds to implement its growth strategy of capitalising on the rapidly growing agricultural market in sub-Saharan Africa to become a leading food provider. Full Article
Agriterra Ltd's TFL Expands Its Cocoa Operations in Sierra Leone
Agriterra Ltd announced that its wholly owned subsidiary, Tropical Farms Ltd (TFL) expands cocoa operations in Sierra Leone. In the six months since its acquisition, TFL has expanded its buying network from four to twelve locations and increased the direct buying register to approximately 3,500 farmers across the country. TFL's roll-out programme is targeting achieving a network of 40 buying points by 31 December 2012. As part of its expansion plans, both in terms of critical mass and commodity, TFL is in negotiations to secure a 15-acre site in Sierra Leone's New Airport Development Zone in Freetown in order to build a collateral management facility. This will be TFL's main hub servicing both Freetown and the international markets for all commodities that TFL is involved with. In addition, it will have sufficient capacity to handle produce from the planned plantations TFL intends to invest in. In line with this, TFL is also in advanced negotiations to acquire a cocoa plantation business in the south east Sierra Leone. Full Article
Agriterra Limited. Enters Into Agreement To Acquire Entire Issued Share Capital Of Tropical Farms Ltd
Agriterra Limited. announced that it has entered into an agreement to acquire the entire issued share capital of Tropical Farms Ltd (TFL), a cocoa company based in Sierra Leone. This acquisition will provide the Company with a platform to expand into cocoa production through TFL's regional expertise and established buying operations and represents the first stage of establishing a substantial cocoa business in West Africa. The Board is focussed on achieving security of supply through the forging of long term relationships with farmers and out-grower schemes, in addition to the implementation of farm management initiatives and eventually, the development of the Company's own cocoa plantations. Terms of the transaction were not disclosed. Full Article
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