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The Dubai-based agro-food enterprise Invictus Investment Company has signed an agreement to acquire a flour mill in Southern Africa in a bid to expand its geographic presence in key markets on the African continent.
Amir Daoud Abdellatif, CEO of the Abu Dhabi-listed company, said the acquisition, subject to necessary regulatory approvals, contributes to Invictus Investment’s long-term strategy to expand its agro-food business in “high-potential African markets”, and “build on operational capabilities in the midstream and downstream segments.”
Financial details of the acquisition have not been disclosed.
The acquisition is the company’s second significant transaction in Africa this year, following the purchase of a 60% stake in Graderco, Morocco’s grains trading company, and its subsidiaries from Zalar Holding.
The company said it remains focused on exploring further acquisition opportunities, developing new joint ventures in strategic markets, and continuing its investments across key African markets.
(Writing by Bindu Rai, editing by Daniel Luiz)