Olam International Ltd. (OLAM), a Singapore-based commodity supplier, will buy 49 percent of Zimbabwe’s biggest cotton company, Aico Africa Ltd. (AICO), for $50 million, the Sunday Mail reported, citing unidentified officials.
Aico declined to comment on the deal, the Harare-based Sunday Mail said on its website. Aico will also sell two of its units separately for $8 million in an effort to cut debt, the Sunday Mail said. Harare-listed Aico, Africa’s biggest cotton ginner, has a market value of about $100 million, the paper said.
To contact the reporter on this story: Brian Latham in Johannesburg at in Harare at firstname.lastname@example.org.
To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at email@example.com.