By Stephen Nakrosis
Forafric Global said it named a new chief executive officer and is adopting a new balance sheet strategy, with a focus on Morocco and soft wheat.
As part of the plan, the company said it will divest certain non-core assets. The company said it plans to divest assets outside of Morocco, its durum wheat focused businesses and logistics activities in Morocco. The divestments are expected to generate gross proceeds between $80 million and $100 million, Forafric said.
The agribusiness also said it named Khalid Assari as CEO of the company and its wholly owned subsidiary, Forafric Morocco. Assari served as CEO of Forafric Morocco from 2016 through 2018, and also was an investor in the real estate and agrobusiness sectors in Morocco.
He succeeds Mustapha Jamaleddine, who retired effective Dec. 31, 2024.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 11, 2025 16:57 ET (21:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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