According to bank documents, the proposed investment consists of a senior secured US$10.0 million loan in Malawi Mangoes (Mauritius) Limited. Malawi Mangoes was established in 2009 with processing operations based in the Salima District of Malawi. Malawi Mangoes produces and markets mango and banana not from concentrate (NFC) fruit puree and fresh fruits primarily for export markets in Africa, the Middle East and Europe via its wholly-owned Malawian subsidiary, MM Operations Limited.
The proposed financing package will be supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP).
Malawi Mangoes presently owns two farms with total land at 426 hectares as well as a multi-fruit processing facility built and commissioned in December 2013 with currently installed capacity of 31 metric tons of NFC production per day. Malawi Mangoes is seeking to transition into its next stage of growth by adding production capacity. The plan is focused on realizing the potential of its existing mango and banana farms and its 4,000 outgrowers and expanding its primary production at the proposed Nyu Nyu Farm and processing capacity.
Malawi Mangoes’ main operation is located in the Salima District of Malawi, which consists of two farms (Matumba – 126ha and Dzuwa- 300ha) totalling 426 hectares of land and a state-of-the-art fruit processing plant. A new proposed farm, Nyu Nyu, estimated at 1500-2000 hectares, is also planned in the Salima District.
Malawi Mangoes is majority owned by BXR Group, an international private investment group based in Amsterdam. BXR Group has a 17 year track record across multiple sectors including natural resources, real estate, transport, education, healthcare and agriculture, where BXR Agro has been established to create efficient operations of scale through the introduction of modern farming techniques, land development and soil correction in a way which is sustainable and sensitive to the needs of local communities. Malawi Mangoes is one of four current investments in BXR Agro’s growing portfolio. The second largest shareholder is Mr. Stewart Newton a well-known fund manager and philanthropist and he is the Chairman of Veritas Investment Management LLP. The remaining shares are owned by other individual shareholders and management.
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