Beltone and Kenana establish a new agriculture fund (MAHASEEL)

With the aim of deploying up to US$ 1 billion

Khartoum, 29 March, 2010: Beltone Private Equity and Kenana Sugar Company have signed an agreement to create a private equity fund (MAHASEEL Agriculture Investment Fund) with the aim of deploying up to US$ 1 billion in large-scale agriculture projects in Sudan and Egypt. The fund will be managed by Beltone Agriculture, a joint venture between Beltone and Kenana

Mr. Hazem Barakat, CEO of Beltone Private Equity, said that Beltone would provide investment management, corporate finance and strategy capabilities for the fund, which will focus on investments in agriculture; the production and processing of crops and livestock in Sudan, as well as opportunities in food processing and agro-related businesses in Egypt.

Mr. Mohamed El Mardi, Managing Director of Kenana, said that, "Kenana"will support the venture through its extensive technical know-how and operational expertise in the agricultural sector and deep agricultural experience in Sudan", He also added that 'agriculture plays a vital role in the development of Sudan and Egypt and is a major source of income for both economies'.

Mr. Aladdin Saba CEO of Beltone Financial Holding stressed that the abundance of fertile land and water availability all point to the agricultural potential of Sudan.

Saba added that MAHASEEL will provide direct exposure to the agriculture and agribusiness sector by offering a compelling investment mandate that addresses the region's food concerns and covers attractive green-field projects and private equity opportunities in the agriculture sector, agribusiness and agro-related industries and services in Sudan and Egypt.


http://www.zawya.com/Story.cfm/sidZAWYA20100329101950/Beltone%20and%20Kenana%20establish%20a%20new%20agriculture%20fund/