Friday, October 19, 2007

(HERALD) CFI in regional grain firm venture

CFI in regional grain firm venture
By Enacy Mapakame

CFI Holdings Ltd will take up 10 percent equity holding in a multi-billion-dollar new regional grain holding firm called Beira Grain Terminal (BGT), based in Mozambique. The firm, a joint venture with US firm Seaboard Overseas Management Company, is expected to enhance grain imports into the region. CFI chief executive Mr Steve Kuipa said yesterday the new terminal will hold 400 tonnes of grain hourly and will have an initial storage capacity of 30 000 tonnes.

At full capacity, CFI and its partners expect to lift storage capacity to 60 000 tonnes over the next four years. The project is also in line with the ideals of the Beira Corridor Group.

It facilitates the importance and position of Zimbabwe, as part of the hub in the regional trafficking of grains and the associated tariffs on traffic passing through Zimbabwe.

Mr Kuipa said maize, wheat and rice destined for regional countries including Mozambique, Malawi, Zambia and Zimbabwe would be handled at BGT. The facility will also handle exports of grains from the region as required.

"The necessary equipment is currently being purchased and construction work is expected to start soon," explained the CEO.

"Research indicates the cheapest port of entry for sub-Sahara African imports is Beira.

"Through this project CFI will be able to achieve savings on the costs of grain imports for its own group requirements and on behalf of others in the milling industry in Zimbabwe, thus also saving foreign currency in the process," Mr Kuipa said.

CFI has since received the green light for the deal from the Reserve Bank of Zimbabwe.

CFM (Mozambique Harbours Authority), Cornelder, Nectar and Rainbow International are the other BGT shareholders.

CFI is an industrial conglomerate principally involved in agro-processing. The group is involved in manufacture of animal feed, flour, maize products and irrigation equipment, retail trade and property management.

In early morning trade yesterday, CFI shares were up 4 percent at $28 000 with 590 000 shares traded.

In the half-year to March 31, 2007, CFI reported inflation-adjusted net earnings climbed 2 914 percent to $70,4 billion from a year ago on revenues of $267 billion, increasing 80 percent.

Earnings rose 2 806 percent to $137,75 per share from $4,74 a share from a year earlier.

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posted by MrK @ 9:14 AM

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