Agriterra Ltd has completed the acquisition of agricultural operations in Mozambique.
Agriterra was previously known as White Nile, which was involved in oil exploration in Southern Sudan.
Agriterra has bought 75% stakes in Desenvolvimento E Comercialização Agricola Limitada (DECA), Compagri Limitada (Compagri) and Mozbife Limitada (Mozbife) for $17m, made up of $2m in cash and 200m shares.
The stakes were acquired from Aim-quoted CAMEC. Agriterra’s chairman and chief executive Phil Edmonds and Andrew Groves are both directors at CAMEC, which already owned 8.6% of Agriterra. After the deal CAMEC owns 54.8% of Agriterra.
DECA is involved in grain processing and trading. The other interests include cattle ranching.
A share placing raised £2.36m gross at 3p a share.
Following the reintroduction of shares in Agriterra their price fell from 3.25p to 2.875p a share. Agriterra is valued at £13.7m.
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