Univeg invests in banana

Suriname

Wednesday 05 February 2014

This acquisition is in line with the long-term strategy of UNIVEG to ensure its supply requirements for optimal service to its customers.

Acquisition of 2,000 hectares of banana production by UNIVEG in Suriname.

UNIVEG and the Ministry of Agriculture of the Republic of Suriname finalized the privatization process of SBBS (Stichting Behoud Bananen Sector: foundation for conservation of banana sector). The privatization process was organized under the rules of an international tender where the European Union has acted as an observer.

The company now continues to operate under the name of FAI N.V. (Food and Agriculture Industries N.V.); UNIVEG has 90% of shares and Suriname possesses 10%. It operates 2,000 hectares of banana production and achieves a turnover of $ 65 million. Employees in their entirety are kept within FAI.

Suriname is a medium-sized player in the global market. As ACP (Africa, Caribbean and Pacific) countries, it benefits from a preferential access to the European Union market. Its favorable social environment is an important criterion for choice for many retailers.