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10-year renewable agreement to lease and operate existing milling facility
Forafric Global PLC (NASDAQ:AFRI, or "Forafric"))))), a vertically integrated agribusiness serving Africa, today announced it has entered into a 10-year renewable contract to lease and operate an existing milling facility located in the Meknes-Fes region of Morocco. This marks a significant milestone in the expansion of the Company's milling capabilities and positions Forafric for continued growth.
This expansion is expected to increase the Company's milling capacity by approximately 470 tons of soft wheat and 130 tons of durum per day for an aggregate increase in total production of approximately 600 tons per day.
"This new contract will enable us to expand our operational footprint and crushing capacity rapidly with low capital investment," said Saad Bendidi, Chairman of Forafric. "Central to the selection of this facility was its location and state-of-the-art equipment. Furthermore, we believe we can better optimize the operations given the strength of our business and add additional value given our proven capabilities."
The contract is subject to regulatory approvals and other customary closing conditions. The Company expects to transition operations to Forafric in the third quarter of 2024.
Posted In: AFRI
