Feronia Inc. Announces Changes to Board of Directors
24 February 2018 - 12:44AM
Feronia Inc. (“Feronia” or the “Company”) (TSX-V:FRN) today
announces changes to its board of directors (the “Board”) following
the recent completion of the share subscription by Straight KKM 2
Limited.
Mr. Walé F. Adeoson, Mr. Kalaa Mpinga and Mr.
Larry Seruma join the Board as non-executive directors nominated by
Straight KKM 2 Limited, whilst Mr. Nigel Gourley has stepped down
as a non-executive director.
Walé F. Adeosun is Founder and Chief Investment
Officer of Kuramo Asset Management (“Kuramo”), an independent
investment management firm that provides targeted global investment
management services to institutional clients and ultra-high net
worth individuals, with a focus on alternative assets in emerging
and frontier markets. Prior to founding Kuramo, Mr. Adeosun was
Treasurer and CIO at Rensselaer Polytechnic Institute where he
oversaw $850 million in endowment and pension assets and he also
served as Chair of the Investment Advisory Committee for the $180
Billion New York State Common Retirement Fund. Mr. Adeosun was
appointed to President Obama’s Advisory Council on Doing Business
in Africa and was a member of the Sub-Saharan Africa Committee of
the Board of the Export-Import Bank of the United States.
Kalaa Mpinga is a successful Congolese
entrepreneur with extensive experience of doing business
throughout Africa. Founder and former Chief Executive Officer
of Mwana Africa PLC (now Asa Resource Group Plc), Mr. Mpinga has
also held a number of senior positions in different locations
around the world including with Anglo American Corporation in South
Africa and Bechtel Corporation in San Francisco. Mr. Mpinga holds a
MSc in International Agricultural Development from the University
of California, Davis and a BSc in Agricultural Economics from
McGill University, Canada.
Larry Seruma is Chief Investment Officer and
Managing Principal of Nile Capital Management, advisor to the Nile
Africa Funds which focus principally on investment opportunities in
Africa and frontier and emerging economies. Mr. Seruma has
over 25 years of experience in portfolio management, investment
research and quantitative investment strategies and, prior to
founding Nile Capital Management, was a Principal at Barclays
Global Investors. Mr. Seruma also serves on the Board for the Segal
Family Foundation, which focuses on improving the quality of life
in Sub Saharan Africa. He has an MBA in Analytic Finance and
Statistics from the Booth School of Business, The University of
Chicago.
Frank Braeken, Chairman of Feronia
commented: “It is with great pleasure that I welcome Walé,
Kalaa and Larry to the Board. They collectively have a considerable
amount of knowledge and experience with regards to investing and
operating in Africa, and I am sure that their addition to the Board
will prove to be hugely beneficial.”
“I would like to thank Nigel for his
contribution as a non-executive director over the past seven years
and wish him all the very best for the future.”
The above noted changes to the Board are subject
to the approval of the TSX Venture Exchange.
For further information please
contact:
Xavier de CarniereChief
Executive Officer, Feronia Inc.44 (0)7468 697
658xavier.decarniere@feronia.com |
Paul DulieuDirector of
Communications and Corporate Development, Feronia Inc.44 (0)7554
521421paul.dulieu@feronia.com |
About Feronia Inc.
- Feronia is an agribusiness operating in the Democratic Republic
of the Congo (DRC).
- At the heart of Feronia lies a long established palm oil
business, Plantations et Huileries du Congo (PHC), which has three
remotely located plantations; Lokutu, Yaligimba and Boteka.
- When Feronia acquired its palm oil business from Unilever in
2009, it had suffered from years of underinvestment and
considerable disruption caused by conflict in the DRC. Our initial
focus has been on rebuilding the business and resuming production
to secure its future and the livelihoods of our employees.
- Feronia’s plantations produce crude palm oil (CPO) and palm
kernel oil (PKO). CPO is part of the staple and traditional diet of
the Congolese and, with our products sold locally in the DRC, we
are well placed to help decrease reliance on imports and increase
food security and quality.
- Feronia prides itself on being the guardian of our 107 year-old
palm oil business and its employees, communities, and environment.
We have a long term commitment to improve the living and working
environment of our employees and their communities and are
committed to sustainable agriculture, environmental protection and
community inclusion. Feronia has in place and Environmental and
Social Action Plan which is focused on implementing environmental
and social best practice and improving social infrastructure.
- Feronia is working towards certification by the Roundtable for
Sustainable Palm Oil (RSPO) and is implementing IFC/World Bank
standards for environmental and social sustainability. Our oil palm
replanting programme is brownfield in nature – replacing old palms
with new – and it has no reliance on deforestation.
- Feronia’s management team has extensive experience in managing
both plantations and farming operations in emerging markets.
- For more information please see www.feronia.com
Cautionary Notes
Except for statements of historical fact
contained herein, the information in this press release constitutes
“forward-looking information” within the meaning of Canadian
securities law. Such forward-looking information may be identified
by words such as “anticipates”, “plans”, “proposes”, “estimates”,
“intends”, “expects”, “believes”, “may” and “will”. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others: risks related to foreign
operations (including various political, economic and other risks
and uncertainties), the interpretation and implementation of the
“Loi Portant Principes Fondamentaux Relatifs A L’Agriculture”,
termination or non-renewal of concession rights or expropriation of
property rights, political instability and bureaucracy, limited
operating history, lack of profitability, lack of infrastructure in
the DRC, high inflation rates, limited availability of debt
financing in the DRC, fluctuations in currency exchange rates,
competition from other businesses, reliance on various factors
(including local labour, importation of machinery and other key
items and business relationships), the Company’s reliance on one
major customer, lower productivity at the Company’s plantations and
arable farming operations, risks related to the agricultural
industry (including adverse weather conditions, shifting weather
patterns, and crop failure due to infestations), a shift in
commodity trends and demands, vulnerability to fluctuations in the
world market, the lack of availability of qualified management
personnel and stock market volatility.
Details of the risk factors relating to Feronia
and its business are discussed under the heading “Risks and
Uncertainties” in Feronia’s Management’s discussion and Analysis
for the year ended December 31, 2016, a copy of which is available
on the Company’s SEDAR profile at www.sedar.com. Most of these
factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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