African Potash inks fertiliser JV with Beryl Holdings

1st Dec 2015 09:11

(ShareCast News) - AIM-listed exploration company African Potash has signed an agreement with South African investment firm Beryl Holdings to expand and enhance its fertiliser trading operations in Southern and Eastern Africa.The group said it expects the agreement to strengthen its fertiliser trading and delivery capabilities and accelerate its roll-out strategy to become one of Africa's premier integrated fertiliser companies.Under the terms of the deal, African Potash will enter into a long-term relationship with Beryl, whereby Beryl's main fertiliser activities - which include trading, logistics and financing - will be restructured and operated via a newly formed Mauritian company, which will become a wholly-owned subsidiary of African Potash.Executive chairman Chris Cleverly said: "With Beryl Holdings' fertiliser division, we now have an African business to manage the significant growth opportunity which we have identified through implementation of our COMESA trading agreement."Growth by acquisition as well as organic development is part of our strategy for growth, thereby enhancing shareholder value."At 0915 GMT, African Potash shares were 14% higher at 1.80p.