Sokotra adds to its aquaculture business portfolio
Dubai, United Arab Emirates-based private investment company Sokotra Capital Ltd. has completed its acquisition of AT, one of the largest sea bass and sea bream hatchery and nursery businesses in North Africa.
Founded in 1988, AT has a current annual production capacity of 20 million fingerlings and 1,500 metric tons (MT) of fish per year.
Sokotra said the acquisition reiterated its investment strategy which is focused on “the highly promising agriculture and aquaculture sectors” in Africa and Southeast Asia.
Albert Momdjian, founder and CEO of Sokotra Capital, said the company was "extremely pleased” with the addition to its portfolio.
“AT has a highly skilled team with extensive experience. Tunisia remains, and despite the recent challenges, a very attractive and friendly destination for foreign direct investments. We sincerely hope that this will be the start of a significant expansion for us, and for other investment firms, in Tunisia.
“We have very ambitious plans for AT and we hope to better service the local market in terms of fingerlings, but also to better position AT as a highly reliable producer of quality fingerlings to the rest of North Africa as well as, in due course, to the Mediterranean basin," Momdjian said. "The agriculture and aquaculture sectors are of great importance to Sokotra Capital Ltd. It is all about efficiency and about feeding the growing population. The protein race has already started and we are very well positioned as a firm and as a team to benefit from it."
AT CEO Karim Garnaoui said the new investment and Sokotra's industry knowledge will help the company improve its processes.
"Today, and backed by the new investors, AT has the capacity to become one of the leading Mediterranean basin aquaculture companies," Garnaoui said. "The in-depth knowledge of the industry, supported by the strong financial and strategic capabilities of the new investors, can only propel AT to become one of the best companies in the sector."