ZSE-listed agricultural firm Ariston Holdings is set to dispose a 50 percent shareholding in its Claremont Orchards Holdings (Private) Limited to Dutch firm, Tuinbouw Zonder Grenzen B.V.

Ariston Holdings is one of the most diversified agro-industrial concern listed on the Zimbabwe Stock Exchange.

The group’s business interests span a variety of crops including tea, macadamia, banana, apples, peaches, potatoes, tomatoes, peas, maize, soya beans and it has poultry and beef cattle. The operations of the tea growing units are fully integrated with the Blended Tea Factory (BTF) for value addition for tea.

The group expects to use funds from the disposal to invest in other key areas.

Said Ariston management:

“Further to previous cautionary announcements made, Shareholders and the investing public are hereby advised that the company is negotiating the disposal of 50 percent of its shareholding in Claremont Orchards Holdings (Private) Limited to a Netherlands based private company, Tuinbouw Zonder Grenzen B.V. The transaction will enable Ariston Holdings Limited to receive
cash for its 50 percent equity.

“This cash will be utilised to further extend the Group’s investment in
macadamia and avocado for the export market. Further, after the entry of the Netherlands-based company, offshore funding will be availed and utilised to plant new orchards with new export oriented fruit varieties.
Claremont will receive investment of over US$5 million over the next three years.

“The envisaged transaction will ensure that Ariston’s dilution in Claremont Orchards Holdings (Private) Limited will be limited to 50 percent despite the large funding that will flow into the businesses.”

The Claremont Estate in Nyanga is a leading producer of apples, stone fruit, passion fruit and potatoes.