Anglo African Ag PLC Proposed Sale of Guar Bean JV Interest
September 28 2016 - 1:00AM
UK Regulatory
TIDMAAAP
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
END
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