Anglo African Agriculture PLC has announced an agreement to acquire five logistics companies within the Comarco group of companies for a total of USD30 million in shares. Once the acquisition is complete, Anglo African intends to change its name to Agulhas Group Africa PLC.
Anglo African, which owns food product manufacturer Dynamic Intertrade Pty Ltd, will acquire Consolidated Marine Contractors Ltd, Comarco Properties EPZ Ltd, Kenya Marine Contractors EPZ Ltd, Touchwood Investments Ltd, and Comarco Supply Base EPZ Ltd.
Anglo African has been attempting to expand beyond the agricultural sector and on August 30 announced a proposed working loan facility to the five Comarco companies for use as working capital, which was advanced in November. The loan was intended to be a step toward the diversification of Anglo African’s revenue.
“During the course of identifying means to restructure [the Comarco companies], the proposed acquisition as a solution became evident as a mutually beneficial opportunity to help grow both companies”