Forafric Acquires SIMS mill in Marrakesh Increasing Crushing Capacity to More Than 300 Tons per Day
“This acquisition enables us to expand our crushing capacity rapidly by more than 300 tons per day with minimal capital investment,” said Saad Bendidi, Chairman of Forafric. “SIMS has recently been operating at less than
Forafric is acquiring SIMS in an all-cash transaction that includes the assumption of SIMS’ outstanding debt, which is scheduled to mature in yearly tranches over the next 8 years. Forafric anticipates that debt service will be covered by future cash flows from operations. The transaction closed on July 26th, 2023 and has received all regulatory approvals.
About Forafric
Forafric is a leading agribusiness player in
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This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
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Source: Forafric Global PLC