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Plandaí Biotechnology, Inc. (OTCQB:PLPL) now owns 100% of Dunn Roman Holdings Africa (Pty) Ltd, a South African holding and management company operating the Senteeko Tea Estate and the Phytofare™ production facility.
Plandaí Biotechnology, Inc. (OTCQB:PLPL) now owns 100% of Dunn Roman Holdings Africa (Pty) Ltd, a South African holding and management company operating the Senteeko Tea Estate and the Phytofare™ production facility.
As quoted in the press release:
Commenting on the acquisition of the minority holders’ interest, Plandaí Chairman and Chief Executive Officer Roger Duffield commented, “Strategically this acquisition makes sense for us because now we can consolidate all of our South African interests into one company. This eliminates intercompany transfer pricing, which is detrimental to customers, and also avoids the double taxation at the different corporate levels in South Africa. In the early stages of our operations, when we first started rejuvenating the tea estate and designing the factory, it made sense to keep the various aspects of our operations separate and to bring in minority shareholders to assist with financing and Shamile community relations. Now that we are set to commence production and sales, it makes more business sense to consolidate and streamline our operations. This move will result in a marked reduction in overhead, greater margins, and a significant tax savings. The acquisition also means that once we are generating income from our South Africa operations, we get to keep a much greater percentage of it.”
Click here to read the Plandaí Biotechnology (OTCQB:PLPL) press release
