20 Aug 2014 07:00
20 August 2014
AfriAg plc
("AfriAg" or the "Company")
AfriAg's new wholly owned AfriAg Marketing ready for business
AfriAg Plc (AIM: AFRI) is pleased to announce that AfriAg Marketing Pty Ltd ("AfriAg Marketing"), the Company's new wholly-owned agri-produce marketing and sales and distribution division has now been established in South Africa and expects to secure its first contracts shortly.
AfriAg Marketing's prime focus will be the sourcing, distribution and marketing of African agri-produce (fresh and frozen) within the Southern African region as well as from Southern Africa to global markets.
Funding of working capital for AfriAg Marketing will be provided from AfriAg Plc's current cash reserves.
David Lenigas, AfriAg's Chairman, commented:
"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."
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For further information please contact:
AfriAg plc: +44 (0) 20 7440 0640
David Lenigas
Donald Strang
Nominated Adviser and Broker: +44 (0) 20 7148 7900
Cairn Financial Advisers LLP
James Caithie / Jo Turner / Carolyn Sansom
Public Relations:
Square1 Consulting +44 (0) 20 7929 5599
David Bick
Mark Longson