(Ecofin Agency) - Australia’s leading produce company Costa Group Holdings Limited, has signed an agreement to acquire a 41% interest in the Moroccan blueberry producer African Blue, according to website freshfruitportal.

The acquisition of the stakes from two of African Blue’s founding shareholders, namely Gailes Holdings Ltd and Bennani Abdellatif, will be carried out over the next three years.  It would allow the Australian firm to increase its stake in the Moroccan firm to 90%. The remaining 10% interest will be held by Total Worldfresh, subsidiary of the British produce firm, Total Produce.

“We are very pleased to have reached agreement with our joint venture partners to acquire their interests in African Blue and become the majority owner. I want to acknowledge the important role our partners have played in contributing to the establishment of our blueberry plantings in Morocco and making the African Blue brand one that is recognized for its quality, particularly in the UK and European markets,” said Harry Dabney, CEO of Costa Group.

African Blue, it must be noted, exports 40% of its output to the UK, and the remaining 60% to other European countries.

The firm owns five farms extending over 253 hectares at Moulay Bousselham, and uses many varieties of blueberry genetically developed by Costa Group. It plans to start exploiting 400ha of lands by 2018, and export by then, 8,000 tons of blueberry.

Espoir Olodo