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Business & Finance

US’s Cargill Inc acquires 25pc shares of Fauji Akbar Portia Marine Terminal

  • This is Cargill's first investment into Pakistan, after the strategic intent announced in January 2019.
16 Dec 2020

Just days after signing the Memorandum of Understanding (MoU), the United States agricultural firm Cargill has acquired a 25 percent stake in the Fauji Akbar Portia Marine Terminal Limited (FAP), Pakistan's leading bulk terminal.

“Cargill has acquired 25% shares of the FAP to expand the operations of the terminal to handle more cargo,” said Mahmood Moulvi, Advisor to the Ministry of Maritime Affairs, told Arab News.

Last week, Cargill and Fauji Foundation entered a long term strategic partnership in Pakistan. With this investment, Cargill has taken a minority equity stake in FAP and will handle grains, cereals, rice, oilseeds and fertilizers at Port Qasim.

This is Cargill's first investment into Pakistan, after the strategic intent announced in January 2019. Back in 2019, Cargill Inc announced to invest some $200 million in Pakistan over the coming three to five years in sectors ranging from dairy, to edible oils and animal feed.

“It will augment the company’s investment strategy of expansion including increasing handling and storage capacity. More investment will be made in the future as the company is exploring options in commodity trading, feed milling, dairy and poultry processing, oilseed crushing,” informed Moulvi.

During the MoU signing, Fauji Foundation Chairman, Waqar Malik stated: "To conclude this transaction at this point in time is a clear signal and validation of the Pakistan opportunity seen by the world's leading player in agriculture commodities.

“With its global port experience, Cargill will help drive greater operational efficiencies for the port to reach its potential of handling agri-cargo safely and efficiently," he said.