A Singapore Company, Olam International, has acquired Zambia’s largest coffee estate through a bidding process led by the Zambia Development Authority.
Olam, a global agricultural processing and supply chain company, bought the approximately 14,549-acre, five-estate farm, previously known as Northern Coffee Corporation Ltd., for approximately $6.15 million USD, and plans to commit an additional $40 million to develop nearly 5,000 acres of land for arabica production over the next five years
NCCL was formed in March 2011 to take over the assets of Kasama Coffee Company, which had been in receivership since 2008 due to unpaid loans.
Olam estimates that the estate is expected to yield approximately 4,500 metric tons of arabica by 2021, and the first 700-plus acres will be planted next year. The acquisition includes dry and wet processing facilities, warehouses, drip irrigation systems, employee housing a recreational center and a research center.