Cargill acquires minority stake in FAP’s terminal at Port Qasim

KARACHI: Global commodities trader Cargill Inc had bought a minority stake in Fauji Akbar Portia Marine Terminal Limited (FAP), Pakistan’s one of the largest bulk terminal, which handles agricultural supplies in the country, a statement said on Tuesday.

The deal is privately held US-based Cargill’s first investment into Pakistan, after the strategic intent announced in last January.

With this investment, Cargill will handle grains, cereals, rice, oilseeds and fertilizers at Port Qasim.

Waqar Malik, chairman Fauji Foundation said this transaction is a signal and validation of the Pakistan opportunity seen by the world’s leading player in agriculture commodities.

“With its global port experience, Cargill will help drive greater operational efficiencies for the port to reach its potential of handling agri-cargo safely and efficiently,” Malik said.

He added that Cargill, with its global port experience, will help drive greater operational efficiencies for the port to reach its potential of handling agri-cargo safely and efficiently.

“Going forward, both partners aim to build a safety culture that will create a world class, safe and sustainable environment for FAP’s employees and customers.”

Imran Nasrullah, country president, Cargill Pakistan said the investment would further adds to the company’s global port operation’s footprint and strengthens its agricultural trading and supply chain operations in the region.

“In future we will also look at opening doors for other sectors where we can add value, besides exploring business synergies with our existing partners,” Nasrullah said.

He said the investment also demonstrate Cargill “commitment to partner in the economic growth of Pakistan by bringing in our global expertise and investment”.

FAP is a joint venture between Fauji Foundation, Akbar Group of Companies and National Bank of Pakistan. FAP started operations in 2010 and provides complete supply chain management solutions for ship berthing, unloading, storage and bagging of all types of grains, cereals, oilseeds and fertilizers. The terminal operates with international standards and has helped build efficiencies in dry cargo handling in Pakistan.

The statement said Fauji Foundation, through this partnership with the world’s leading agriculture company, will transform FAP’s supply chain to enhance overall value for all stakeholders including suppliers, customers, employees and shareholders.