Investment in Flybox Budongo (BSF) Limited
15/07/2024 07:00
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RNS Number : 2411W Inqo Investments Limited 15 July 2024
Inqo Investments Limited
Investment in Flybox Budongo (BSF) Limited
About Inqo Investments Limited
Inqo Investments Limited ("Inqo" or "the Group") is a South African based
social impact company that invests in businesses that tackle poverty and
environmental challenges in Sub-Saharan Africa.
COMMENTARY
Inqo Investments Limited (INQO) announces today an investment in Flybox
Budongo (BSF) Limited ("Flybox Budongo") as part of its Conservation and Rural
Enterprise (CARE) Project in Uganda. Flybox Budongo's parent company, Mana
Biosystems Limited has developed a modular containerised system for the
production of Black Soldier Fly (BSF) eggs and 5-day old larvae ("seedlings").
BSFs are a sustainable and environmentally friendly way of converting organic
waste into useful material in the form of high protein animal feed. The eggs
and seedlings will be sold to waste management companies and farmers who will
use the BSF eggs to process organic waste. Mana Biosystems Ltd will build the
containers to be installed in Budongo and Flybox Budongo expect to commence
production in Q4 2024.
The CARE Project aims to use an enterprise approach to tackle environmental
and social issues in and around the Budongo Forest in Uganda. Budongo Forest
faces several threats including illegal bush meat poaching, deforestation for
charcoal production and increasing population pressure around the forest
fringes. The CARE project is designed around the belief that social and
environmental issues are interrelated and that poverty is a key driver of
deforestation in this region. By working with communities in and around the
Budongo Forest to build scalable and sustainable SMEs with an environmental
focus, the CARE project aims to create jobs, increase livelihoods in the
community, give the forest meaningful economic value for local communities and
provide alternative employment to activities such as bushmeat poaching and
charcoal production.
"We are delighted with this new investment in Flybox Budongo. Their
technology is ideally suited to our rural setting and aside from the impact on
waste processing, the company will create a number of technical jobs in the
community," said David Louw, Director of Inqo Investments Ltd. "A key part of
the CARE project will be assessing the environmental and social impacts that
Flybox Budongo, as well as our other investments in the area, have for local
communities and the forest."
Comments from Larry Kotch, COO of Mana Biosystems Ltd, UK: "We're thrilled
that our technology will be used to support local Budongo waste management and
livestock farming businesses. Together we can work to upcycle local organic
waste into nutritious animal feed and fertiliser, demonstrating that
sustainability and profitability can go hand in hand. We hope the BSF centre
will also act as an educational opportunity for the wider community, spurring
on additional insect entrepreneurship over the next exciting years."
K.S
Tan
David Louw
Chairman
Director
Issued on: 15 July 2024
Enquiries
Inqo Investments Limited Tel: +44 7768 613346
Dr Kim Tan, Chairman Email: kimtan2@springhilluk.com
Hobart Capital Markets LLP
AQSE Corporate Adviser and Broker Tel: +44 (0)20 7070 5665
Dr Wang Chong Email: wang.chong@hobartcapital.com
About Inqo Investments Limited
'INQO' (www.inqo.co.za) is a South Africa-based social impact company listed
on the London Aquis Stock Exchange Growth Market. It makes strategic
acquisitions and investments in businesses designed to tackle poverty and
provide employment, products and services to the poor in Low Income Countries
(LICs).
About Mana Biosystems Ltd (www.flybox.bio (http://www.flybox.bio) )
Flybox's insect farms enable food and other organic waste to be upcycled into
2 valuable products - fass, an organic fertiiser as well as insect larvae
protein, as substitute for soya and fishmeal in animal feed. Insect farming is
truly circular, sustainable and Zero Waste.
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