- Teeltspecialisten Engeland
- Commercial Support Coordinator (32-40 hours)
- Sr Construction Project Manager
- China country manager
- Commercial Key Account Manager
- Agriculture Sales engineer France & European zone
- Cultivation specialist / Growers for Amerika
- Tissue Culture Lab / Operations Manager
- Area Manager South Germany
- Senior Buyer | Fresh Produce | Ireland
Top 5 -yesterday
Top 5 -last week
Top 5 -last month
- One of Sweden's largest tomato growers to stop cultivation during winter
- Wasabi grower discovering new greenhouse crops
- UK strawberry grower uses UV-light robot to keep powdery mildew at bay
- Gotham Greens raises $310M to accelerate national greenhouse expansion
- Drones fly through tomato rows in International Greenhouse Challenge
Zimbabwe: Seed Co Ltd and Vilmorin strike $60m deal
He said the rationale for the transaction was to increase the company’s breeding, research, training and development expertise while also availing fresh and appropriately priced capital to finance growth in new and existing markets, particularly in East and West Africa.
The company’s circular to shareholders indicated equity capital amounting to US$40,1 million will be raised through the issue to Vilmorin & Cie S.A of up to 37, 662, 481 new ordinary shares at a subscription price per share of US$0, 9925 immediately after the EGM, subject to regulatory approval, in two tranches.
Nzwere said Seed Co would benefit from joint research board and activities, germplasm exchange, technology transfer where the partner will provide field trials and bursaries, molecular market analysis, among other things.
Financial benefits of the transaction will see US$20 million going towards expensive debt reduction with potential savings of US$3 million per annum in finance costs.
Nzwere said US$6 million would go to the construction of a factory and offices in Malawi which will save the company US$500, 000 annually in rental costs. Another US$6 million will go towards the purchase of a farm for own production of seeds, leading to a reduction in production costs by close to US$1 million as well as increased tax savings in Zambia as the move will make Seed Co qualify as a farming entity and benefit from tax exemptions.
Nzwere said US$8 million would be invested in West Africa and Ethiopia where a possible 15 000 metric tonnes would be sold in the next three to five years. “We want to invest in East and West Africa and those businesses could end up adding US$3 million to the bottom line in the medium to long-term,” Nzwere said.
Please click here for the full article, including more detailed information regarding project phases.
Receive the daily newsletter in your email for free | Click here
Other news in this sector:
- 2022-09-30 More strawberries and less plastics: Hydroponic Systems' new solution
- 2022-09-30 US (MD): Governor announces launch of cover crop program supporting urban agriculture
- 2022-09-30 Ardent partners with growers on regenerative ag
- 2022-09-30 Basil grown especially for pesto
- 2022-09-30 Horti Experience 2022 focused on international knowledge sharing
- 2022-09-30 Tas Tomatoes declared bankrupt, trustee investigates
- 2022-09-29 Pinduoduo shares “tech for agri” vision at G20 global forum on digital agriculture
- 2022-09-29 Horticultural wholesaler celebrates 40 years and looks ahead to the next forty
- 2022-09-29 Karin Tifft joins team of expert horticulturists at IUNU
- 2022-09-29 Hort Americas expands to Canada
- 2022-09-29 Advanced Agrilytics appoints Jody Longshore as CCO
- 2022-09-29 "Priming seeds with plasma provides possible defense against damping off"
- 2022-09-29 "Due to the drought, we are facing crop losses of 30% in the fall harvest"
- 2022-09-28 Dramm welcomes Steven Collins to DRAMMwater team
- 2022-09-28 Steenks services makes business trips to Finland and France
- 2022-09-28 Florida growers and importers brace for Hurricane Ian
- 2022-09-28 Dutch Young Executives group visits Israel’s Volcani Center with DryGair
- 2022-09-28 Annice Firth appointed to Syngenta's Technical Sales team
- 2022-09-28 Eden granted US EPA regulatory approval
- 2022-09-28 Questions about how growers use gas to make money