Unga Group, a leading animal feeds manufacturer in East Africa, plans to enter into joint venture agreements with the Dutch-based Nutreco, one of the world’s biggest animal nutrition and aquafeed companies.
According to a statement released by Unga Group, Nutreco International and Unga Farm Care, a subsidiary of Unga Group, shall invest in and form a 50:50 joint venture company in Kenya and transfer their respective Kenya aquafeed businesses and certain production equipment to the Kenyan joint venture.
In addition, Nutreco International and Unga Millers, another Unga Group subsidiary, shall invest in and create a joint venture in Uganda and transfer all their respective Uganda animal feeds and nutrition businesses and certain assets to the newly created Ugandan joint venture company.
Unga Group has not disclosed the value of the proposed deals but said that further details will be issued upon the satisfaction of certain conditions and the completion of the transactions. Investors are advised to exercise caution when dealing in Unga group shares at the Nairobi Securities Exchange.
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