SouthBridge Group, the official financial advisor of the Togolese government, has announced two transactions with Olam International Limited and its subsidiary, Arise Special Economic Zone.
SouthBridge, an innovative, pan-African financial advisory and investment firm, working with corporates, sovereigns, and multinationals across the continent, concluded two significant transactions in Togo, today.
“We are delighted with the support provided by the Southbridge Group for the completion of these two transactions at the heart of the National Development Plan and the government’s Roadmap. The commitment and professionalism of Southbridge’s team were key to the successful completion of these two transactions despite the health crisis. It is once again proof of the attractiveness of the Togolese economy,” stated Togo’s Minister of Finance, Sani Yaya.
Meanwhile, SouthBridge has advised the Togolese government to facilitate a strategic partnership with Olam, a global agri-business firm, headquartered and listed on the Singapore Exchange, and the Arise Special Economic Zone, an Olam subsidiary, jointly owned with the Africa Finance Corporation.
Togo and Arise signed an initial agreement on July 8, 2020, which created an integrated industrial platform in order to attract investors and develop multi-sector industrial collaborations within the country including the production and processing of agricultural products, locally.
As per the agreement, SouthBridge said the project would be developed by a private company, owned and operated by Togo (35 per cent) and Arise (65 per cent) trading as Plateform Industrial Adétikopé SAS. The company will be considered as a ‘zone developer.’
The total investment for the project is €200m.
Additionally, the Togolese government sold 51 per cent of Nouvelle Société Cotonnière du Togo, to Olam, for €34.4m. It includes €15.3m for Olam’s equity stake plus 51 per cent of net working capital (€19.1m).
Chairman and Managing Partner of SouthBridge Group, Donald Kaberuka, said, “They are a landmark for Togo and its partner Olam. It is a step change in the economic transformation of the country and its cotton/textile industry.”
