Fox Williams acted for Global Tea & Commodities Limited (“Global Tea”) on its sale of the entire issued share capital of Makandi Tea & Coffee Estates Limited (“Makandi”) and Kawalazi Estate Company Limited (“Kawalazi”) to Dhunseri Petrochem & Tea Pte Ltd., a Singapore-based subsidiary of the Indian listed Dhunseri group (“Dhunseri”). The Makandi and Kawalazi estates comprise leading tea, coffee and macadamia plantations in Malawi.
The deal is worth up to US$ 27,000,000 over three years.
Global Tea is one of the UK’s largest independent tea companies. Its plantations produce a range of fine teas and coffees, and it is the largest producer of macadamia nuts in Africa.
Dhunseri is a progressive, quality-focussed Indian tea producer and is among the top 10 tea producers in India.
Nadeem Ahmed, Chairman of Global Tea commented: “These are very significant disposals for Global Tea, which position the group strongly for future strategic development.”
The Fox Williams team was led by corporate partner Nick Sayers and included senior associates Howard Taylor and Tom Rowley. Khaitan & Co, a leading Indian law firm, acted for Dhunseri, with Sacranie, Gow & Co providing Malawi legal advice.
Nick Sayers said: “Having acted for Global Tea when it originally purchased these plantations, we were delighted to be able to assist Global Tea in achieving a successful exit from these investments.”