Friday, 24 October 2014
Last updated 14 hours ago
May 4 2012 | 11:38am ET
A World Bank unit plans to invest in an Armajaro Holdings unit dedicated to sustainably-sourced cocoa.
The International Finance Corp. will invest $55 million in Armajaro Trading, which is more than 70% owned by Armajaro Holdings. The latter firm is best known as the parent of cocoa hedge fund Armajaro Asset Management.
In exchange for its investment, IFC will get a 7.5% return above LIBOR. It will also get warrants to buy 6% of Armajaro Trading.
“I think it is very good for our company that the World Bank has offered to invest and commit $55 million,” CEO Richard Ryan told Reuters. “It is definitely a vote of confidence in our business model.”
“They very much see us as the leader in cocoa in sustainability and traceability and so that is something that meets their objectives, hence their natural attraction.”
Sep 22 2014 | 4:15pm ET
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