28 Sep 2016 07:00
ANGLO AFRICAN AGRICULTURE PLC - Proposed Sale of Guar Bean JV InterestANGLO AFRICAN AGRICULTURE PLC - Proposed Sale of Guar Bean JV Interest
PR Newswire
London, September 27
| 28 September 2016 |
Anglo African Agriculture plc
(“AAA” or the “Company”)
Proposed Sale of AAA’s loss making Guar Bean JV interest.
Anglo African Agriculture plc (LSE: AAAP), the London Main board listed food manufacturing company announces that it is taking steps to dispose of its 49.9% interest in its Guar Bean Production Joint Venture in South Africa to focus on the Company’s core business of spice manufacturing where we believe there is tremendous scope for growth.
Guar gum is primarily utilised as a thickening agent in hydraulic fracturing in the oil and gas industry and this sector has suffered greatly with the prolonged drop in global oil prices and is no longer a sector in which the Company believes it should be involved.
David Lenigas, the Company’s Chairman, commented;
“Although the Guar Bean JV does not cost a great deal to run, it is still loss making and it is now considered non-core to AAA and is a distraction from our main core business of manufacturing, import and distribution of herbs, spices and seasonings for the food manufacturing sector. The Company is taking steps to dispose of the Guar Bean JV and we will advise the market of progress in due course.”
For further information, please contact:
| Anglo African Agriculture plc | +44 (0) 20 7440 0640 |
| David Lenigas, Non-Executive Chairman Rob Scott, Non-Executive Director | |
| VSA Capital Limited (Financial Adviser and Broker) | +44 (0) 20 3005 5000 |
| Andrew Raca / James Asensio | |