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    The UN’s concept of water security encompasses various needs and conditions. These include: water for drinking, economic activity, ecosystems, governance, financing, and political stability. Water security, therefore, is not just about how much natural water a country has but also how well the resource is managed. Photo: Supplied/Pixabay

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    The Ministry of Agriculture distributed a ton of Bt cotton seeds for a pilot trial, across 10 000 hectares of farmland. Thereafter the use of the genetically modified crop became more common, as it produces a higher yield and is fairly pest resistant. Photo: Pixabay

    Kenya pins hopes on Bt seeds to grow cotton production

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    The Ministry of Agriculture distributed a ton of Bt cotton seeds for a pilot trial, across 10 000 hectares of farmland. Thereafter the use of the genetically modified crop became more common, as it produces a higher yield and is fairly pest resistant. Photo: Pixabay

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  • Home
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    The UN’s concept of water security encompasses various needs and conditions. These include: water for drinking, economic activity, ecosystems, governance, financing, and political stability. Water security, therefore, is not just about how much natural water a country has but also how well the resource is managed. Photo: Supplied/Pixabay

    Africa’s water security progress a drop in the ocean

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    The full 100% of the Gorongosa-grown coffee's profits are ploughed back into the National Park and those who live in the surrounds. Photo: Gorgonosa Project/Supplied

    How coffee is bringing life back to Mozambican forests

    Nile co-founder Louis de Kock said the start-up is delighted to have Naspers Foundry support its mission to make fresh produce more accessible to people across the African continent. Photo: Supplied/Ventureburn

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    AB InBev Africa has implemented five different agriculture projects in the countries where it makes beer. This includes project Imifino in South Africa where water, heat, and anaerobic sludge waste streams produced by the brewery is converted into agricultural inputs which sustain wetlands and spinach beds. Photo: Supplied/FoodForAfrika.com

    Five farming projects that enhance food security across Africa

  • Changemakers
    • All
    • Agribusiness
    • Agripreneurs
    • Farmers
    • Innovation
    The Ministry of Agriculture distributed a ton of Bt cotton seeds for a pilot trial, across 10 000 hectares of farmland. Thereafter the use of the genetically modified crop became more common, as it produces a higher yield and is fairly pest resistant. Photo: Pixabay

    Kenya pins hopes on Bt seeds to grow cotton production

    Technology uptake remains low in upper parts of Africa

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    Let’s keep our food local, says farmer and agri trainer

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    FAO counts on 55 implementing partners for community distributions across the country. Photo: ©FAO/Mayak Akuot

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    The course is a 6-week intense program given in three 2-week sessions at IITA in Nairobi, Kenya, hosted by B4A/ILRI hub and World Agroforestry, over the course of a year, with a maximum of 20 participants per course offering. Photo: Supplied/Pixabay

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    Young Ugandans vie for agritech challenge honours

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    It’s all in your hands, says dynamo farmer and agri trainer

  • Food Security
    • All
    • Crops
    • Food Trends
    • Logistics
    • Markets
    The Ministry of Agriculture distributed a ton of Bt cotton seeds for a pilot trial, across 10 000 hectares of farmland. Thereafter the use of the genetically modified crop became more common, as it produces a higher yield and is fairly pest resistant. Photo: Pixabay

    Kenya pins hopes on Bt seeds to grow cotton production

    Within the next ten years, AFEX intends to grow beyond Kenya to Benin, Togo, Ghana, Côte d'Ivoire, Tanzania, Ethiopia, Uganda, and Zambia. Photo: Supplied/Pixabay

    Kenyan farmers take quantum leap with help from AFEX

    African avocados are growing in European export volume, and is one of the fastest-growing markets beside Latin America. Photo: Supplied/Pixabay

    East African avocado exports growing despite challenges

    The course is a 6-week intense program given in three 2-week sessions at IITA in Nairobi, Kenya, hosted by B4A/ILRI hub and World Agroforestry, over the course of a year, with a maximum of 20 participants per course offering. Photo: Supplied/Pixabay

    Crop scientists invited to have a crack at gene editing

    Governments across East Africa are fighting against the impact of mold in food products. Photo: Supplied/Pixabay

    Uganda fights to eliminate harmful aflatoxins in food

    East Africa's 2022 cereal harvest is in danger as the price of fertiliser has double since the start of the Russia-Ukraine conflict. Photo: Supplied/Pixabay

    East Africa’s cereal harvest at risk as fertiliser prices soar

    Ghana's government is working together with AGRA on its SeedSAT initiative to improve the regulation of the country's informal seed sector. Photo: Supplied/Pixabay

    AGRA launches project to boost Ghana’s seed quality

    Rain, and lots of it, is needed in Somalia to relieve the famine. Photo: Supplied/FoodforAfrika.com

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    Zimbabwean government is using a new financial incentive to lock more grain producers and entice them to sell to the country's sole grain purchasing board. Photo: Pixabay/Supplied

    Zimbabwean government introduces maize incentive to entice farmers

  • Lifestyle
    • All
    • Food Health
    • Trends
    A picture featuring George Chiwedzerero, who left Zimbabwe for South Africa and was not heard from for two decades.

    Missing migrants project helps families find peace

    The general impression of Zanzibar when approached from the mainland is of a long, low island with small ridges along its central north–south axis. Coconut palms and other vegetation cover the land surface. Photo: Supplied/FoodForAfrika.com

    Here’s how farming transformed Zanzibar’s coastline

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    Southern Africa’s soapy plants can improve hand hygiene

    There are a number of flowering plants that we do not often recognise the holistic health benefits of, such as okra, kalanchoe and periwinkle flowers. Photo: Supplied/FoodForAfrika.com

    Healing with the help of Africa’s indigenous plants

    Cassava is one of the continent's food staples. Here is a history on the root veg and its humble beginnings. Photo: Supplied/FoodForAfrika.com

    Cassava, a staple crop that sustains a continent

    Herbal remedies are commonplace in Uganda; testing these scientifically is a good way to ensure they’re safe and effective. Photo: Supplied/FoodForAfrika.com

    Herbal skin treatments in Uganda get a scientific boost

    Researchers believe that Rwanda's soft drink tax can be better used to boost public health by targeting sugar content. Photo: Supplied/FoodForAfrika.com

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    Lebanese farmers have shirked using chemicals during the goring process and are realising their produce is healthy regardless. Photo: Supplied/FoodForAfrika.com

    Lebanese potato farmers find that less is more

    In January 2015, a three-day rain displaced nearly quarter of a million people, devastated 64,000 hectares of land, and killed several hundred people in Malawi. Photo: Ashley Cooper/Getty Images

    What African countries got out of COP26

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Mauritian firm to become major shareholder in SA’s Tongaat Hulett

by Lucinda Dordley
29 Nov 2021
in Agri News
Reading Time: 2 mins read
A A
Mauritian firm Magister Investments is set to become a major shareholder in South African sugar producer Tongaat Hulett. Photo: Supplied/FoodForAfrika.com

Mauritian firm Magister Investments is set to become a major shareholder in South African sugar producer Tongaat Hulett. Photo: Supplied/FoodForAfrika.com

Tongaat Hulett, a South African sugar producer, announced last Wednesday that Mauritius-based investment group Magister will underwrite half of its R4 billion ($258 million) rights offer, potentially giving the unlisted business a controlling share in the company.

After the firm announced the planned cash call to help it manage its debt, shares in the company, which is one of South Africa’s largest sugar producers, fell by 28%.

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Magister Investments would underwrite half of the proposed rights offering, or R2 billion, according to Tongaat.

“Magister Investments is a private, limited company incorporated in the Republic of Mauritius, wholly owned by Mauritius International Trust Company Limited, as trustee of the Casa Trust (a Mauritius-registered trust). Hamish Rudland is the settlor of the Casa Trust and the beneficiaries of the Casa Trust are Rudland, his wife, Bridgette Rudland, and their three children (all of whom are under 18 years old). Rudland is director of Agriterra,” according to Land Matrix.

The agreement

“We have agreed that they [Magister] get a board seat for every 20% of shares that they own, with a maximum cap of 60%,” Gavin Hudson, CEO of Tongaat Hulett told Reuters.

“We assume that they would be a large shareholder by the end of the rights offer. But that will be determined in January or February next year.”

CEO of Tongaat Hulett, Gavin Hudson

Magister’s holding might reach about 60% if minority shareholders do not subscribe to the remaining rights offering, according to chief financial officer Rob Aitken.

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Magister’s holding will be somewhere in the “mid-range” if minority subscribe, he added. Following the revelation that it had inflated its sales, earnings and assets in prior years, the company’s market value has dropped about 90% in the last two years. It was compelled to hire new management, who took steps to clean up the company’s accounts and reduce debt.

While CEO Hudson stated that the rights offer, if successful, would reduce the company’s debt to a more “sustainable level”, experts said market participants dropped the shares because they expected a R2 billion rights offer.

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ALSO READ: SA tops sub-Saharan Africa on food security index

Lucinda Dordley

Lucinda Dordley

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0

Cotton is one of Africa's most important cash crops but sadly, production in Kenya dropped by 59% in 2021. The...

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