Philafrica aims to become big food exporter

Philafrica Food, a recently launched subsidiary of agricultural investment holding company Afgri Group, says it plans to transform food processing in sub-Saharan Africa through investments of between $50m and $100m over the next 18 to 24 months. CEO Roland Decorvet said on Tuesday Philafrica aimed to become a big food operator in Africa over the next 25 years in support of the continent’s transformation from subsistence agriculture to a food-secure net food exporter. It intended building greenfield sites and strategic investments in at least 12 sub-Saharan countries. In SA, it operates grain and oilseed mills and manufactures animal feed. The company has the full backing of Afgri, in which the Public Investment Corporation, Fairfax and Bafepi have substantial investments. Afgri already has a presence in sub-Saharan Africa, Mauritius and Western Australia. Afgri delisted from the JSE in 2013 in a R2.4bn buyout deal with private investment company AgriGroupe. At the time, Afgri CEO Ch...