Standard Chartered Private Equity (SCPE), the investment arm of Standard Chartered Bank, announced on Monday that it will invest $35 million to acquire a minor but significant stake in Al Jazeera Agricultural Co., Jordan's only fully integrated poultry producer and distributor.
The proceeds will be used to help Al Jazeera achieve robust growth and support its envisaged geographical expansion, according to a press release issued by the bank.
Under the agreement, SCPE will be granted two seats on the board and will provide strategic insight towards delivering on Al Jazeera's regional expansion ambitions.
The Jordan-based Al Jazeera products include fresh and frozen chicken for retail consumers and wholesalers, parent and broiler hatching eggs and chicks, and chicken feed.
This is the first investment in the Middle East and North Africa (MENA) region's food and agriculture sector for the bank's investment arm, the first investment in Jordan and the fifth investment overall in the region, the statement added.
© Jordan News Agency - Petra 2014
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