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Sunday, April 12, 2015

As you must be aware that Karuturi Global Ltd, agreed with the Ministry of Agriculture (MoA), Ethiopian government to grow wheat on 300 thousand hectares of fertile land. 

However, Karuturi Global Ltd failed to repay a 65 million birr (a little over $3 million) loan extended via overdraft facility from the state-owned Commercial Bank of Ethiopia (CBE); though the company immediately settled the minimum, 25% of the debt. Karuturi is known for borrowing from CBE, Dashen and Zemen banks. The loan extended to the company exceeds 170 million birr (~$8 million). 

Recently there were media reports that the deposed Indian flower firm is planning a major comeback to Kenya, after entering a debt deal that would enable it retake its vast farms currently under control of its creditor CFC Stanbic Bank. 

Managing Director Ram Karuturi last month told an Indian investment analyst that his board had successfully restructured the company’s debt to pave way for the retake of the Kenyan business.

According to the CEO, the company has around $70 million worth of machinery in Ethiopia---the company is selling out the surplus of machineries, equipments and other accessories it had in the farms. Though the company did not officially mention, what it would do with the fund, but it is widely believed that a major part of the money would go, for the settlement of the outstanding debts. 

In this circumstance, it would be prudent for high-risk-taking-investors to buy the scrip of Karuturi Global Ltd in Bulk at Rs.1.70 and keep holding. 
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