Deal #1999 Version #56581

Feronia acquired these plantations by buying 76% of Plantations et Huileries du Congo (PHC, registered in DR Congo). Feronia purchased these shares from Unilever. The company which purchased these shares was Feronia JCA Ltd, a Cayman Islands subsidiary of Feronia Inc. DRC passed a new Law on the Funadmaental Principles of Agriculture (loi portant principes fondamentaux relatifs à l’agriculture) on June 24, 2012 that states, under Article 16, that land can only be attributed to companies that are majority owned by national investors. Company plans to list on the British stock exchange in 2018. Mafuta Investment Holdings fund and Kuramo Capital have injected $ 17.5 million into the capital- October 2017 (% share unknown as yet). By 2018, Feronia-PHC had received at least 118 million US dollars, including 49 million in loans approved by German, Belgian and Dutch development banks in 2015. "They approved the loans despite NGO reports and statements from community leaders in all three plantation areas who had drawn their attention to the illegitimate and possibly illegal nature of the concession contracts as well as the appalling working conditions for labourers on the plantations and the many broken promises to communities affected by the plantation concessions." A complaint was submitted through the DEG complaints mechanism. On January 7th, 2018 it determined that the complaint was admissible under the criteria of the Independent Complaints Mechanism Policy, and the case is under review. In June 2019 Golden Oil Holdings Limited ("GOHL"), a wholly owned Mauritius special purpose vehicle subsidiary of African Agriculture Fund L.L.C. ("AAF”) announces that it has acquired common shares representing approximately 13.55%. In May 2020, Feronia announes that they are looking to restrucutre the investors/ shareholdering structure in this deal or alterantively sell the operating company to an affiliate of KKM. However, they also clearly state that this is not a final decision and the plans may still change.