GMG: Sud Cameroun Hevea S.A., 80% owned by GMG, has struck a US$410m deal with Cameroon's govt to develop 45.2k ha of palm oil and rubber plantations, officials said yday.
The plantations in Cameroon's South region should become fully operational within four years, with production aimed at the export market.
"The private sector in general, and the agricultural sector in particular, must play a leading role in our country's quest to become an emerging economy by 2035," Economy Minister Emmanuel Djoumessi Nganou told a press conference to announce the deal.
Rubber and palm oil are already significant export crops from Cameroon, central Africa's largest economy. Annual production of the two crops is currently estimated at 60k tonnes and 175k tonnes, respectively.
GMG has fallen 22% since going XR on 23 Nov, and now trades at 9.1x P/E, 1.4x P/B.
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