(Alliance News) - BF Spa announced Tuesday that its subsidiary company BF International Best Fields Best Food Limited has entered into a partnership with Musahamat Farms Limited, a Ghanaian-registered company active in the agricultural sector.

Specifically, the parties have formed BF Ghana Limited, an English-registered corporate vehicle controlled by BFI and established for the development of agriculture in Ghana, into which Musahamat's operating business has been contributed. For the local operation of the latter, a branch office is planned in the territory of the Republic of Ghana, which includes, among other things, about 260 workers, as well as the assignment, as a result of the authorization already issued by the Ghanaian government, of the concession for the cultivation of an area located in the Volta River region for an extension of about 1,700 hectares.

Under the agreements signed between the parties, the company explains in a note, BF Ghana will become the assignee of an additional concession for the cultivation of an area located in the same region for an extension of about another 5,900 hectares.

The 2024-2027 business plan, approved by BF Ghana's board of directors, calls for, among other things, the cultivation and production of maize, soybeans, wheat, rice, tomatoes for the domestic market, and bananas, as well as investment in the construction and implementation of an irrigation system that will allow the extraction of water from the Volta River and include carrier lines to transport and supply water throughout the cultivable area.

BF's stock on Monday closed at par at EUR3.90 per share.

By Chiara Bruschi, Alliance News reporter

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