Agriculture entity angles to acquire Border Timbers

Cicada Plantations Zimbabwe (CPZ), an agricultural entity focused on the production of various crops is angling to acquire Border Timbers Limited 100 percent of the issued share capital, a transaction that has the potential to significantly alter its ownership and management structure if successful.

CPZ is an agricultural entity focused on the production of various crops including maize, wheat and soybeans. The entity has a significant amount of farmland under cultivation and has been expanding its operations.

Cicada Plantations offer presents an opportunity for the entity to expand its operations into the forestry and nut production industries and provide new revenue streams and diversify its operations.

In a cautionary statement, the milling and manufacturing company, Border Timbers Limited said “Shareholders of Border Timbers Limited (“BTL” or “the Company”) and the investing public are advised that the Company received an Offer from Cicada Plantations Zimbabwe (Private) Limited (“CPZ”), an agricultural entity, whereby CPZ seeks to acquire 100 percent of the issued share capital of BTL, and simultaneously make an offer to acquire 100 percent of the issued share capital of Makandi Estates (Private) Limited, a complementary agricultural concern, in exchange for CPZ shares.”

Makandi Estates is a privately held agricultural concern that produces macadamia nuts and avocados.

CPZ has a huge presence in the Manicaland region as it cultivates over 1 000 hectares of macadamia at its two estates, a lucrative business with potential to earn the country millions in foreign currency.

Macadamia nuts are high in healthy fats and are used to lessen the risk of heart-disease, improve metabolic syndrome and diabetes and also prevent cancer.

The macadamia tree is a member of the proteaceae family. The three commercially significant macadamia species are macadamia integrifolia, macadamia ternifolia and macadamia tetraphylla.

CPZ also cultivates 500ha of certified avocados largely for the European market.

Makandi Estates is a privately held agricultural concern that produces macadamia nuts and avocados.

On the other hand, Border timbers has a large estate of commercial timber plantations as well as a sawmill and other processing facilities.