Asaffa Foods to invest in meat processing, fertilizer ventures

24/12/2014 01:37 AST

Asaffa Foods, one of Oman's leading poultry farms and processed foodstuff producers, plans to take up a 20 per cent stake in a new project for white meat production in the Sultanate. A decision to this effect was taken at the company's Board of Directors' meeting held on Monday.

The company said in a filing to the Capital Market Authority that the Board decided to participate with a maximum 20 per cent of the equity of RO 50 million in the new company, which is currently under formation as an SAOC entity.

Additionally, the Board also resolved to establish a Limited Liability Company with a maximum capital of RO 2 million specialising in the production of organic waste and fertiliser production based on residue obtained from the poultry farms. The project will be set up either as a partnership venture or an independent company in the proximity of its existing farms, the company added in its statement.


Oman Daily Observer

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