The consolidation of South African exporter, Colorsfruit, has been completed following the decision by a leading South African agri-business group, Farm Secure, to increase its shareholding in the company.
Colorsfruit was last year the subject of a split in which a number of executives left the company to establish their own export business. This followed a major shake-up in which the original shareholders, the well-known Van Wyk and Carstens families for Paarl, resumed control of the company.
'Farm Secure has bought out the shares of the minority shareholders who left the company,' said Riaan van Wyk, who has been re-confirmed as chief executive of Colorsfruit by the company's new board. 'This brings Farm Secure’s shareholding to 34 per cent, with the Van Wyk and Carstens families holding 24 per cent each.'
He said that Farm Secure's non-executive chairman, Eugene Yasbek, has also been appointed as non-executive chairman at Colorsfruit.
'This brings to and end the process we have been following since last year and Colorsfruit is now well positioned to concentrate on its major objectives, namely expanding in new grape cultivars and increasing its share of primary production,' Mr van Wyk added.
He pointed out that Colorsfruit has in excess of a total 2,300ha of own production, which makes it one of the leading producer groups in the country.
Farm Secure is a leading service provider in South African agri industry. It offers technical services, develops new technology and provides financing, as well as owning one of the leading suppliers of fertiliser in the country.
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