LONDON (Alliance News) - AfriAg PLC shares rose strongly Wednesday it said its newly-created agri-produce marketing, sales and distribution business AfriAg Marketing Pty Ltd has been established in South Africa and expects to start winning contracts in the near future.
Shares in the firm were up 9.1% to 0.697 pence, putting it among the biggest risers on the AIM All-Share index in early trade.
The new team will focus on sourcing, distribution and marketing of African agri-produce in the southern African region, along with from southern Africa to global markets, the company said in a statement.
"The process to establish the new wholly owned marketing division has taken a little longer than originally envisaged, however the process is now thankfully complete and AfriAg Market is now fully operational and ready for launch, with all the necessary permits in place to import and export goods in an out of Africa," said David Lenigas, Chairman of AfriAg.
The news comes after shares in the firm surged higher on Tuesday on the back of a strong performance from its part-owned South African agri-logistics business in the first half of the year.
AfriAg said a total of around 650,000 kilogrammes of perishable produce was air freighted by AfriAg SA Pty Ltd, its 40% South African owned agri-logistics unit, in the six months to June 30, in what it said is typically the quietest half of the year for perishable airfreight.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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