In April 2020 Sefalana Group entered into an agreement to purchase 40 percent of the share capital of a Fast Moving Consumer Goods business in Australia.
This Australian business, by the name of Seasons Group, consists of a chain of 7 supermarkets in the Brisbane area.
This investment will be treated as an investment in an associate, in which Sefalana exerts significant influence, and therefore will be equity accounted. Sefalana said it entered into this agreement in order to pursue its Group strategy to diversify its income stream and foreign exchange exposure.
Further Sefalana Managing Director Chandra Chauhan said the expansion in Australia will be considered in due course as the company identifies other suitable sites to compliment this first phase investment.