Bunge Acquires 50% of African Grain Importer/Exporter
Additional investment in Senwes reflects company’s plan to expand
Bunge Limited, through Bunge EMEA (Bunge Europe, Middle East and Africa), and Senwes Ltd, announced that Bunge has exercised its option to acquire a 50% interest in the existing established African structures of Senwes. The option for further Bunge investment in Senwes was a provision of the original joint venture agreement between the two companies.
The joint venture, which has successfully operated since Oct. 1 2011, imports and exports maize and wheat in the region. The additional investment by Bunge reflects the company’s commitment to expand in Africa.
The African structures of Senwes include Senwes Malawi, Senwes Zambia, Senwes Mozambique and Senwes Kenya, and will include Senwes Zimbabwe in the near future. All these entities are specialized in grain trading and storage and are part of Senwes’ strategy in SADC (Southern African Development Community) to create an integrated grain marketing and trading house.
Bunge’s expertise in international grain markets and risk management combined with Senwes’ capabilities in procurement and strong relationships with producers will allow the joint venture to develop its activities in the region in a sustainable way. The joint venture intends to further extend its actions in the remaining countries of the SADC. In addition, this development will consolidate the work which has been initiated and accomplished by Senwes to ensure food security in SADC.
