AFGRI’s sale of oil crushing assets
Centurion, 31 August 2021 – Philafrica Foods (Pty) Ltd. (“Philafrica”), a subsidiary of AFGRI Group Holdings (“AFGRI”), has sold its Soya Oil Crushing Plant, which trades in the market under the names Nedan, Marathon, Soya Ya Ka, Promax (soya oil cake), effective 31st August 2021.
The business will be owned by a newly registered company called Nedan Oils & Proteins (Pty) Ltd. (“Nedan”), which is majority owned and controlled by Gold Keys International (Pty) Ltd. For over 25 years, Goldkeys International has imported, prepacked, distributed, and marketed grain and pulse products throughout South Africa. Currently operating in Rice, Sugar, and Sugar Beans, Goldkeys is pleased to expand its presence into the soya bean value chain.
Naeem Adam, Chief Operating Officer of Goldkeys, said of the acquisition, “The acquisition of Nedan is in line with our strategy of category expansion. We are excited to partner with a strong management team led by Richard Dettmer and will continue to support the growth strategy of the business. Best-in-class quality and optimal service levels to our customers will remain the priorities of Nedan.”
Philafrica’s sale of the soya oil business is motivated in part by the overall strategy of AFGRI Group to focus on its core business, which involves providing leading agricultural services to South African farmers, ensuring a food secure South Africa.
Joel Bryce, Chief Investment & Strategy Officer of Philafrica, explained that “Philafrica and its majority shareholder AFGRI Group Holdings are quite pleased to sell our oil crushing plant to a values-aligned buyer, who will continue to support the Mokopane plant, its customers and employees. While we still believe in the soya value chain in South Africa, the transaction made sense to the Group in light of our refocused strategy.”
For any questions, please direct questions to Joel Bryce at philafricafoods@philafricafoods.com