Harvest Bags announces completion of R60million credit facility for its agricultural products in Johannesburg, South Africa
Tuesday, June 28, 2016
JOHANNESBURG, South Africa – Harvest Bags today announced the completion of an R60million credit facility for its agricultural products with FNB, Johannesburg, South Africa.
“Securing this financing facility is another key milestone in advancing a defining project for the company,” said Yanxin Gu, Accountant, Harvest Bags CC. “The support from one of the biggest financial institutions in South Africa is a testament to Harvest Bag’s strong standing within the global markets.”
In October 2015, Harvest Bags announced its investment decision relating to a R10million, which consists of an Harvest Tray in Ceres which will produce 1500 tons of fruit tray annually. The complex will also comprise four manufacturing plants based in South Africa, enabling infrastructure and utility improvements.
The remainder of the funds required for construction will be raised in a phased manner from a variety of potential sources, including surplus cash available in the group. Additional funding will be announced as it is secured.