Agriterra; Sierra Leone cocoa update. Scepticism to turn to enthusiasm?
Agriterra (LON:AGTA) (3.5p and 1.6% of JIC) Following on from yesterdays update on the beef operations the Company has updated on its cocoa operations in Sierra Leone. It has completed the acquisition of a 50 year lease over a 1,208 hectare previously producing cocoa and coffee plantation which was managed by Beresfords before the civil war. It also has signed a lease on a further 546 hectares located contiguously and is in negotiation to secure a further 1200 hectares to the north and 800 to the south of the existing plantation.
Andrew Groves, Chief Executive said that with this acquisition Agriterra was entering the second phase of its growth strategy in Sierra Leone, where it already has a successful cocoa trading business and that the plantation was in a highly productive area for cocoa production.
Conclusion: The strategy of building an African agricultural business is clearly progressing well. As I said yesterday, hopefully scepticism will turn to enthusiasm as the results of the capital investment bear fruit. Happy holder, may add!
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Agriterra Ltd is engaged in investing in agricultural and associated civil engineering industries in Africa. The Company has four agricultural divisions namely: Mozbife Limitada (Mozbife), which conducts cattle ranching, feedlot and abattoir operations; Tropical Farms Limited (TFL), which manages the Company’s cocoa sales, trading and farming activities; Desenvolvimento E Comercializacao Agricola Limitada (DECA) and Compagri Limitada (Compagri), which operate maize farming and processing businesses, and Red Bunch Ventures (SL) Limited, which houses Agriterra Ltd’s palm oil operations. In February 2013, it opened its second beef retail unit (the Retail Unit) in Mozambique. In February 2013, the Company expanded its cocoa and farming operations in Sierra Leone, through its wholly owned subsidiary Tropical Farms Ltd. more »
