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 |
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| VSA Capital Limited
(Financial Adviser and Broker) |
+44 (0) 20 3005 5000 |
| Andrew Raca / James Asensio |
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