R44 million in a greenfields broiler project in the Eastern Cape

This is a greenfields project in the broiler industry.

Velevutha Agricultural Consultancy’s operations will be in contract-growing for chicken processing entities. It has secured a 10-year outgrower contract with Crown Chickens (Pty) Ltd, a subsidiary of the JSE listed Sovereign Foods Limited, to grow over 6,3 million chickens per annum.

The NEF has approved R44 million new ventures finance to fund the land, infrastructure and equipment required to kick-start the project. Velevutha represents a genuine broad-based BEE initiative including 33% women, 10% Staff and 7.5% Broad-Based BEE ownership as well as the creation of 12 new jobs and transformation of a white-dominated, blue-chip industry.