Saturday, 18 April 2015
Last updated 3 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.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…