RA International Expands Operations In Mozambique With Acquisitions

LONDON (Alliance News) - RA International Group PLC said on Wednesday that it has concluded an ...

Alliance News 20 March, 2019 | 12:37PM
Email Form

LONDON (Alliance News) - RA International Group PLC said on Wednesday that it has concluded an agreement to acquire 150,000 square metres of land in Northern Mozambique.

The remote site services provider plans to build a large camp facility in the upcoming months in support of upcoming gas projects in the region. It has said that negotiations are already underway with potential anchor tenants.

The group has also acquired a 49% shareholding in Royal Food Solutions SA, a family-owned Mozambique based provider of "integrated facilities management services". The company is responsible for providing catering services to companies such as KPMG and JSE-listed Vodacom Group Ltd.

RA International said that this investment will enhance their ability to provide fully integrated camp services in Mozambique. Their overall enlarged presence in the region will also position the group well to capitalize on future opportunities.

"The land purchase and proposed establishment of a camp facility will result in the Company having a sizeable footprint in Mozambique which delivers on our geographical diversification plans" said Chief Executive Officer Soraya Narfeldt.

She also added, "The acquisition of a stake in Royal Food Solutions will combine both companies' strengths, capabilities and local knowledge. We look forward to working with the RFS team and within the community."

RA International Group's shares were trading down 0.3% at 37.40 pence on Wednesday.

By Idris Nur; idrisnur@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
RA International Group PLC 46.50 GBX 0.00 -
Vodacom Group Ltd 11,147.00 ZAC -1.19 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.