Share Name Share Symbol Market Type Share ISIN Share Description
Anglo African NEX:GB00B7V2GY97-GBP NEX Common Stock GB00B7V2GY97
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.00 0.00 0.00 0.00 0.00 0.00 0 -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Anglo African Ag PLC Update on business and corporate activities

31/01/2019 7:00am

UK Regulatory (RNS & others)


 
TIDMAAAP 
 
Anglo African Agriculture plc 
 
                           ("AAAP" or the "Company") 
 
                  Update on business and corporate activities 
 
Highlights: 
 
  * As announced on 30 August 2018, the privately owned Comarco Port in Mombasa 
    has signed a long-term agreement with a multinational trading and 
    transportation group to establish an LPG import and distribution facility. 
 
  * Kenya's Port Authority has now approved the LPG facility and construction 
    is to begin imminently. 
 
  * Dynamic Intertrade manufacturing division turns to positive EBITDA. 
 
    Date of final results 
 
    The Board of AAAP (the "Board") is pleased to announce good progress in its 
    operations and announces that it expects to release full year results 
    mid-February 2019. 
 
    Dynamic Intertrade (Pty) Ltd 
 
    The Company's wholly owned Southern African spice business, Dynamic 
    Intertrade (Pty) Ltd ("Dynamic") has increased its earnings before 
    interest, tax, depreciation and amortisation (EBITDA) for the financial 
    year ended October 2018 compared to the prior financial year. Dynamic moved 
    from an EBITDA loss to a profit for the period under review. The Board is 
    very pleased with this performance and turnaround. 
 
    Dynamic Intertrade Agri (Pty) Ltd 
 
    Dynamic Intertrade Agri (Pty) Ltd, the Company's 46.8% owned agricultural 
    products trading subsidiary, has seen a dramatic improvement in EBITDA for 
    the year ended October 2018 with an increase in excess of 150% compared to 
    the previous year. 
 
    Comarco Port 
 
As announced on 30 August 2018, Comarco's wholly owned subsidiary, Touchwood 
Investments Ltd's ("Touchwood") major asset is a 4.75-acre strip of land at the 
Comarco port in Mombasa, Kenya, which a recognised global real estate 
consultant has recently valued at US$12 million (the "Touchwood Property"). As 
security for AAAP's previously announced loan of US$1 million to the Comarco 
group, should this loan not be repaid, AAAP has the right, for a nominal 
consideration, to exercise an option to acquire 100% of Touchwood. 
 
The approval by the Kenya Port Authority required for the construction of the 
LPG facility on the Touchwood Property is expected to contribute significantly 
to Comarco group revenues. The long-term lease provides for both base rentals 
and usage charges. This LPG facility is expected to develop into a major supply 
point for Kenya as a whole and raises the likelihood of other associated 
logistics opportunities for the Comarco group. 
 
The Board is extremely pleased with this development and will keep AAAP's 
shareholders fully appraised of the progress regarding this LPG facility with 
regular updates over the coming weeks. In addition to this, the Company 
continues to work with Comarco to help develop its future which the Board 
believes will bring additional value to AAAP. 
 
David Lenigas, Non-Executive Chairman, commented; 
 
"Turning Dynamic Intertrade (Pty) Ltd as well as our 46.8% owned subsidiary, 
Dynamic Intertrade Agri (Pty) Ltd, around to profitability has been a longer 
than expected task but I am delighted that we have now achieved this. This is a 
very significant milestone for the Company. We also believe that our 
relationship with Comarco will be highly remunerative to shareholders and it is 
incredibly exciting to now have one of the world's largest LPG traders building 
an LPG terminal on the port itself. We continue to believe that the Comarco 
Port offers huge potential and opportunities for AAAP in the current 
environment of global uncertainty. Ports are strategic global infrastructure 
and offer consistent long-term rewards." 
 
For further information, please contact: 
 
Anglo African Agriculture plc 
 
David Lenigas, Non-Executive Chairman               +44 (0) 20 7440 0640 
Rob Scott, Executive Director                       +27 84 600 6001 
 
VSA Capital Limited (Financial Adviser and Broker)  +44 (0) 20 3005 5000 
 
Andrew Raca 
 
 
 
 
END 
 

(END) Dow Jones Newswires

January 31, 2019 02:00 ET (07:00 GMT)

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