17 Jun 2014 07:00
17 June 2014
AfriAg Plc
("AfriAg" or the "Company")
Intention to establish a new food marketing and sales division
AfriAg Plc (AIM: AFRI) is pleased to announce that its board has resolved to establish a new wholly-owned food marketing and sales and distribution division called AfriAg Marketing in South Africa with the prime focus of sourcing and then marketing African produce (fresh and frozen) within the Southern African region as well as from Southern Africa to global markets.
This division will be operated through a newly incorporated company in South Africa called AfriAg Marketing (Pty) Ltd that has no current revenue or profit. David Lenigas and Donald Strang will be the initial directors of this new division. It is proposed that during the start-up phase of this new division that funding will be provided from AfriAg Plc's current cash reserves.
David Lenigas, AfriAg's Chairman, commented:
"Through its investment focus on agriculture and logistics in Africa, the Company is seeing multiple global opportunities for AfriAg to assist with sourcing and supplying African food produce; in particular in Asia and the Middle East. We will use this new wholly-owned division to capitalise on these opportunities for the Company."
For further information please contact:
AfriAg Plc David Lenigas Donald Strang
| +44 (0) 20 7440 0640
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Cairn Financial Advisers LLP Nominated Adviser and Broker James Caithie / Jo Turner / Carolyn Sansom
| +44 (0) 20 7148 7900
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Square Consulting Public Relations David Bick/Mark Longson
| +44 (0) 20 7929 5599
|