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Wafra

Wafra Industry: Agriculture and consumer foods
Investment date: September 2007
Investment type: Consolidation
Citadel Capital ownership: 37.5%

Wafra is Citadel Capital’s Platform Company for agricultural production in Sudan and includes the rights to more than 500,000 feddans of land through investments held under Portfolio Companies Sabina (254,000 feddans in northern Sudan) and Concord, previously known as Sudanese Egyptian Agricultural Crops Company – SEAC (250,000 feddans in southern Sudan).

These projects will engage in large-scale cultivation of cash crops including grain sorghum, maize, sunflower, rice and various grain legumes and together comprise one of the largest agricultural projects in Sudan.

Wafra continues to explore complementary regional development initiatives and expects to develop into a significant player in the agriculture sector.

OPERATIONAL UPDATE

Citadel Capital created Sabina in September 2008 as a Portfolio Company for investment in Sudanese agricultural production. Sabina holds Citadel Capital’s agricultural investment near Kosti, where it has obtained a 30-year lease, renewable for similar periods, on a 254,000-feddan plot of fertile land, 37 kilometers of which are located directly on the Nile. Sabina’s holdings are located in Sudan’s White Nile State, which lies approximately 300 kilometers south of Khartoum. Part of the land has been designated specifically for the cultivation of sugar cane and the rest will be used for various cash crops.

Concord, a second Wafra Portfolio Company, was formed in early 2009 under a contract for 250,000 feddans of land in southern Sudan. The plot is in close proximity to a river port owned by Keer Marine, Citadel Capital’s Portfolio Company in the Sudanese river transportation and logistics sector. Concord holds approximately 250,000 feddans of agricultural land near the city of Bentiu in South Sudan’s Unity State (Welayet Al-Wehda). The land is located approximately 600 kilometers north of the South Sudan capital of Juba.

In 2009, Citadel Capital engaged industry expert Peter Schuurs, who had previously served in both Botswana and Sudan, to lead Concord. At Sabina, the team is lead by Kim Packer, a veteran in large-scale agriculture.

By the end of 2010 Sabina, had completed the development and cultivation of wheat of over 2,000 acres. In April 2011, the company successfully completed it’s first harvest, with local prices ranging from 25%-30% higher than international prices of wheat. SEAC will be ready to seed 4,000 acres of land by the onset of the rainy season in mid-2011; the entire area will be planted with maize for sale in the local market.

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