Seed Co International posts bumper profits following stellar performance in all its markets

AFRICA – Seed Co International Limited (SCIL), has recorded a 26% spike in revenue to US$88.5 million in the year ended March 2021, compared to US$70.1 million achieved in the prior year. According to the seed producer, the revenue growth is attributed to doubling of income in Malawi to US$18.4m, benefiting from the huge government Inputs program. The same performance was reflected in Nigeria albeit from a low base of US$1.1m last year, due to increased confidence in the Seed Co brand, supported by institutional sales under a program funded…

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Seed Co International, Seed Co Limited merger denied, SCL bounces back to ZSE

ZIMBABWE – SeedCo International Limited (SCIL), has abandoned plans of acquiring its Zimbabwean subsidiary, Seed-Co Limited (SCL), after failing to get all the regulatory approvals. According to the reginal seed producer, shareholders of both SCIL and SCL had approved the transaction earlier in March, but the External Loans and Exchange Control Review Committee turned down the proposal that same month. “Approval for the transaction was declined by the External Loans and Exchange Control Review Committee on 26 March 2021. An appeal against the decision was made on 7 April 2021…

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Seed Co to boost production capacity in Tanzania with US$4.3m investment in new seed processing plant

TANZANIA – Seed Co. Tanzania, the subsidiary of regional seed producer Seed-Co Group, is seeking to establish a new seed processing factory in Iringa, Central of Tanzania, worth Tsh 10 billion (US$4.3m). The new processing facility is an addition to the company’s existing factory located in Arusha, established in 2009. It will have a processing capacity of 40 tonnes of maize and other seeds per day, meeting the high demand of quality seeds in the country and serving the rest of the East African Community (EAC) region i.e., Kenya, Uganda,…

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Private financing sector arm Proparco issues US$25m loan to Seed Co to bolster food security

ZIMBABWE – Listed seed producing giant, Seed Co has received a US$25 million loan financing from French development financial institution Proparco, to strengthens food security in the region. The seven-year support is divided into two tranches, each for US$ 12.5m, with a 7-year maturity. According to Proparco, it will be channelled towards research and international expansion via a loan to Seedco Zambia. Secondly it will include the construction of a corn dryer at its Zimbabwe operations, which will increase the production capacity, double farmers’ harvests and do more to address…

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Seed Co International inches closer to full acquisition of Zimbabwean subsidiary

ZIMBABWE – Listed seed producing giant, SeedCo International Limited (SCIL) has finally acquired 78% stake in its local unit SeedCo Limited (SCL) enabling the company to implement its exit from the Zimbabwe Stock Exchange (ZSE). Recently, SCIL said the rationale for the offer was premised on a strategic response to the changes in the status of its secondary listing in Zimbabwe brought by policy initiatives introduced by the government. SCIL contends that transferring only one of the entities, SCIL, to the Victoria Falls-based VFEX trading only in US$ while leaving…

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Seed Co International acquires controlling stake in Zimbabwean unit

ZIMBABWE – Regional seed producer, Seed Co International (SCIL), has acquired a 35% stake in its Zimbabwean unit, Seed Co Limited in line with its plans to buy back all shares listed on the Zimbabwe Stock Exchange (ZSE). The acquisition of the controlling block was in pursuant to a primary offer based on a share-swap of 1 SCIL share for every 0.98 shares held in SCL. The remaining stake is being acquired through a secondary offer on the same terms as those by which the controlling block was secured, which…

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Seed Co highlights there will be no board changes following its merger with Zimbabwean unit

ZIMBABWE – Regional seed producer Seed-Co International Limited (SCIL) has indicated that there will be no changes to the structure of its board once it completes the absorption of the Zimbabwean subsidiary, Seed Co Limited (SCL). In a move that marks a complete turnaround from the group’s 2018 unbundling, the Botswana Stock Exchange-listed company which is secondarily listed on the US dollar denominated Victoria Falls Stock Exchange (VFEX) will be merged with the Zimbabwean entity. It means SCL, which is listed on the Zimbabwe Stock Exchange (ZSE) will have to…

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Seed Co International Limited shareholders give nod to acquisition of Zimbabwean unit

ZIMBABWE – Regional seed producer, Seed Co International Limited (SCIL) has received the go ahead from its shareholders to acquire the entire shares of its Zimbabwean unit, Seed Co Limited (SCL). After passing of the transaction, SCIL advised the investing public and shareholders that the company was now proceeding to tender the open market offer to acquire SCL’s entire issued ordinary shares through an announcement or offer circular to be issued to SCL in accordance with the Zimbabwe Stock Exchange requirements. “Pending the successful conclusion of the steps outlined above…

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Seed Co International reports 57% rise in revenue on back of increased sales volumes

AFRICA – Regional seed producer, Seed Co International Limited has reported a 57.3% rise in revenue for the half year period ended September 30, 2020 to US$27.9 million from US$17.7 million achieved in the prior year. The increase in revenue according to the company was largely driven by early seed deliveries to customers in Malawi and Zambia combined with strong demand in Nigeria. Also exports from Kenya to Rwanda drove the increase in both maize seed sales volumes which rose by 56.6% during the period under review. A combination of…

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Seed Co International projects triple digit growth in half year profit

ZIMBABWE – Seed Co International Limited (SCIL), a leading certified seed company in Africa expects to make a turn round of its earning in the interim period for the six months ended September 2020, attaining approximately 275% to 295% rise in profit. According to reports by The Herald, the firm projects its profit after tax to between US$4.5 million and US$4.8 million a recovery from the loss before tax of the prior period which amounted to US$1.6 million. The rise in profit is spearhead by the early maize seed sales,…

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