LONDON: Saudi miner Ma’aden is investing in an African fertilizer company as it looks to diversify operations beyond the Kingdom.
The Riyadh-based group, which focuses on gold, phosphates, aluminum and industrial minerals, has agreed to buy an 85 percent stake in Mauritius-based Meridian Group for SR525 million ($140 million).
It plans to acquire the remaining 15 percent over the next four years.
The deal allows Ma’aden to distribute its fertilizers to key growth markets in sub-Saharan Africa more efficiently.
“Meridian distributes close to half a million tons of fertilizer across Malawi, Mozambique, Zimbabwe and Zambia,” said Ma’aden in a stock exchange statement on Thursday.
“The acquisition furthers Ma’aden’s 2025 strategy, which includes expanding operations and sales outside the Kingdom,” it added.
The deal reflects a broader push among major Saudi commodities-based companies to diversify their revenue streams and move into higher-value growth sectors.
from Business & Economy http://bit.ly/2KLbnML
via Latest News of Dubai
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