AfriAg to establish new food marketing and sales division

17th Jun 2014 07:23

AIM-listed agri-logistics group AfriAg announced it plans to establish a new food marketing and sales distribution division. The new wholly-owned division will be based in South Africa and is expected to be operated through a newly incorporated company, AfriAg Marketing, funded from AfriAg's current cash reserves. Executive Chairman David Lenigas and Finance Director Donald Strang will be the initial directors of the new division.Lenigas said: "Through its investment focus on agriculture and logistics in Africa, the company is seeing multiple global opportunities for AfriAg to assist with sourcing and supplying African food produce; in particular in Asia and the Middle East. We will use this new wholly-owned division to capitalise on these opportunities for the company."As of 07:48 the share price was unchanged at 0.5p.WS