Closing of USD 4m senior secured CMA facility with Seba Foods Zambia
Samawati Capital Partners supported in the closing of a USD 4m senior secured CMA facility for the purchase of maize and soybeans from local smallholder farmers in Zambia through the Africa Agriculture and Trade Investment Fund.
Seba Foods is a family-run business founded in 1997 as a subsidiary of the company 260 Brands Africa. The company’s activities to date include purchasing, processing, packaging, and shipping of maize and soya products for human consumption, with about 5% into animal feed products. Their key products include textured soy as a meat alternative, powdered/instant drinks, corn soya blend (porridge), and snacks, where the company is among the top market leaders in Zambia.
The USD 4m facility provided by AATIF will allow 260 Brands to maximize the output of a recently installed plant. Structured as a 12-month CMA facility, it enables the company to purchase maize and soybeans in the local market during the optimal time for further processing at its own facilities.
On 30/05/2022, the CMA loan facility was renewed from USD 4m to USD 6m, after a successful 12 months during which the company broadened its market base by exporting its products to the USA and increased its local outreach with the launch of an organic soya out-grower scheme.