Anglo African Agriculture announce plans to acquire Comarco for $30m

Comarco port
Comarco Port in Mombasa, Kenya. Photo: Comarco Group

Anglo African Agriculture has announced that it has agreed to acquire Kenya-based port and marine logistics group Comarco for $30m.

The acquisition was subject to an equity fundraising which still requires shareholder approval.

Payment will be satisfied by the issue of new ordinary shares to the sellers of Comarco Group at 0.5p with VSA Capital conducting an equity fundraising of approximately USD 15 million to fund working capital and the growth of the enlarged group.

It is also anticipated that there will be a vendor placing of approximately USD 6 million to provide funds for the sellers to settle existing debts and related costs including capital gains tax.  

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