Core Insights - Forafric Global PLC has adopted a new strategy focusing on strengthening its balance sheet with an emphasis on Morocco and soft wheat [1] - The company plans to divest non-core assets, including those outside Morocco and durum wheat-focused businesses, expecting to generate gross proceeds of between 80 and 100 million USD [1] - The divestment is aimed at improving the company's working capital position significantly [1] Management Changes - Mr. Khalid Assari has been appointed as the new CEO of Forafric Global PLC and its subsidiary Forafric Morocco, replacing Mr. Mustapha Jamaleddine who retired [2] - Mr. Assari has prior experience as CEO of Forafric Morocco from 2016 to 2018 and has been involved in the real estate and agribusiness sectors in Morocco [2] Company Overview - Forafric is a leading agribusiness player in Africa, particularly in Morocco and Sub-Saharan Africa, specializing in milling and processing products such as flour, semolina, pasta, and couscous [3] - The company operates 12 industrial units and 2 logistics platforms, exporting products to over 45 countries worldwide [3] - Forafric intends to continue its expansion efforts in Morocco [3]
Forafric Adopts New Balance Sheet Strengthening Strategy