12 °c
London
Thursday, May 19, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Ecsponent to acquire 45.5% of Botswana seed company

FurtherAfrica by FurtherAfrica
December 16, 2019
in Africa, Agriculture, Botswana, M&A, South Africa
Reading Time: 2 mins read
900 68
0
Ecsponent to acquire 45.5% of Botswana seed company
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

JSE-listed financial services company Ecsponent is to acquire a 45.5percent stake of the common share of Crosscorn, a Botswana-based company whose principal activity is the production, sale and distribution of seeds.

Ecsponent’s new chief executive, Dirk van der Merwe, said that the transaction would provide Ecsponent with an opportunity to acquire a strategic investment in Botswana, with a satisfactory return profile.

“The transaction will also strengthen Ecsponent’s shareholder base while reinforcing its pan-African expansion strategy and unlocking value for Ecsponent in neighbouring territories,” Van der Merwe said.

Crosscorn was incorporated in 2013 and has since evolved into a seed producer with a market share in excess of 50percent of the maize seed sales in Botswana. Crosscorn also sells close to half of the country’s sorghum, cowpeas and animal fodder seeds. Crosscorn is 100percent owned by Scipion Active Trading Fund (SATF), a fund incorporated under the laws of the Cayman Islands.

Ecsponent said it would acquire Crosscorn shares in two phases. It would purchase 26.25percent of the common shares in Crosscorn in exchange for a deferred cash consideration of $1.4million (R20.65m) at a fixed exchange rate of $1 to R14.80, which equals to R20.72m. Ecsponent would acquire a further 19.25percent of the common shares in exchange for the issue of 101.3million Ecsponent shares.

The group said the cash consideration would be settled on a deferred basis, in two equal payments to SATF, one at six months and one at 12 months after consummation of the transaction.

“The outstanding cash consideration will bear interest at a rate of 9.75percent a year until the date of settlement, with interest payable on a monthly basis,” the group said.

The effective date of the agreement will be the end of this month.

Source: Business Report

Related

Tags: animal fodder seedsBotswanacowpeasCrosscornDirk van der MerweEcsponentFeatureSATFScipion Active Trading Fundseedsorghumботсванаبوتسواناボツワナ博茨瓦纳
ScanSendShare387Tweet242Share68Pin87Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Energy

Angola’s marginal fields estimated at 4 billion barrels

by FurtherAfrica
May 19, 2022
Energy

Namibia launches sovereign fund to fast track hydrocarbon

by Energy Capital & Power
May 19, 2022
Economy

EU announces €65M for northern Mozambique development

by Club of Mozambique
May 19, 2022
Development

Ethiopia and France sign €19M in grant agreements

by FurtherAfrica
May 19, 2022
Tech

DIGILOGIC nourishes African tech-talents

by Digilogic
May 19, 2022
Great Limpopo Transfrontier Park
 
AFSIC 2022
 
MozParks

Translate this page

Read the Latest

Energy

Angola’s marginal fields estimated at 4 billion barrels

by FurtherAfrica
May 19, 2022
0

The volume and reserves of the declared marginal fields of Angola are estimated at four billion barrels of oil, said...

Read more

Namibia launches sovereign fund to fast track hydrocarbon

May 19, 2022

EU announces €65M for northern Mozambique development

May 19, 2022

Ethiopia and France sign €19M in grant agreements

May 19, 2022

DIGILOGIC nourishes African tech-talents

May 19, 2022

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?