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German group invests in local agriculture supply chain company
One of Europe's largest development finance institutions, the German Investment Corporation (DEG), has acquired a 10% shareholding in supply chain company Farmsecure Holdings - a key South African agriculture player.
Farmsecure operates in livestock, field and horticultural crops, the company said in a statement on Allafrica.com. DEG provides Farmsecure with working capital through its AgroAfrica investment programme, which pledged Euro 100-million to the development of agriculture in developing countries.
"Farmsecure has always valued DEG as an international financing partner and has developed a strong and stable relationship with DEG," Farmsecure said in its Allafrica.com statement. "During the past 18 months, [this] relationship has led to DEG now also becoming a Farmsecure Group shareholder." Farmsecure CEO Jerome Yazbek said the company had experienced exceptional growth, both organically and by acquisition, and therefore thought it prudent to further strengthen its balance sheet through this equity injection.
"However, we were not only looking for any investor, but for one who shares our vision," he said, voicing his satisfaction that DEG, one of the largest European development finance institutions, is now not only a financing partner, but a shareholder in the group, as well.
Read the full article on http://allafrica.com.
