Anglo African Ag PLC Proposed Sale of Guar Bean JV Interest

 
TIDMAAAP 
 
28 September 2016 
 
                         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                       [phone] 
 
David Lenigas, Non-Executive Chairman 
Rob Scott, Non-Executive Director 
 
VSA Capital Limited (Financial Adviser and Broker)  [phone] 
 
Andrew Raca / James Asensio 
 
 
 
 
END 
 

(END) Dow Jones Newswires

September 28, 2016 02:00 ET (06:00 GMT)