Costa Group Holdings Ltd purchases 90% stake in African Blue

Costa Group Holdings Ltd, Australia’s largest horticultural company and a major supplier of produce to food retailers in that country, has purchased 90% stake in the Moroccan joint venture African Blue for $ 68 million, says The Motley Fool, a multimedia financial services company.

The purchase is believed to be decided on after the company announced that it wants to increase its stake in its joint venture, African Blue.

Since the beginning of the year, shares of the horticultural business have increased by 93%. In addition, previous forecasts, based on the yearly results published in August; show that year-over-year earnings grow by 10%.

For the record, the Moroccan producer of blueberries African Blue exports different varieties of the fruit. In total, 40% of the company's production is imported by the United Kingdom.

Based in Moulay Bousselham (Rabat-Salé-Kenitra region), the African Blue company was founded in 2007. Following the success of the group in the European market, its products are more and more coveted by other countries, particularly in Asia, as well as Russia.