Proactive Investors - Run By Investors For Investors

Agriterra expands Sierra Leone cocoa operation

Agriterra said today that its subsidiary Tropical Farms has expanded its cocoa and farming operations in Sierra Leone. It has done so by acquiring a 50-year lease, with a 21 year extension option, over a previously producing cocoa and coffee plantation.
Agriterra expands Sierra Leone cocoa operation

Agriterra (LON:AGTA) said its subsidiary Tropical Farms has expanded its cocoa and farming operations in Sierra Leone.

It has done so by acquiring a 50-year lease, with a 21 year extension option, over a previously producing cocoa and coffee plantation.

The site covers 1,208 hectares, 40 kilometres from Kenema, the country’s third-largest city.

Previously run by Beresfords, the international plantation group prior to the civil war, it will be rehabilitated and redeveloped.

A deal to acquire a further 546 hectares, to the north of the plantation, has also been signed on the same terms as the plantation.

Chief executive Andrew Groves said: "Through Tropical Farms we have already established a successful cocoa trading business.

“With this acquisition and investment we are now entering the second phase of our growth strategy focussed on developing our own plantations.

“We have an excellent international and Sierra Leone national team who have the experience and expertise to rapidly scale up our in-country operations with the aim of becoming Sierra Leone's leading cocoa company.

“The plantation is in a highly productive and suitable area for cocoa production, and with the investment programme already underway, we are looking forward to the plant out this season and increasing our production.”


View full AGTA profile View Profile

Agriterra Timeline

Article
December 12 2012

Related Articles

beer
June 08 2019
The 14-year-old company wants to expand its business model to include the production and the sale of potentially lucrative cannabis-infused beverages -- and it is willing to pay big bucks to get a foothold

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use