- Muscle Maker Inc (NASDAQ:GRIL) said its wholly-owned subsidiary, Sadot LLC has agreed to acquire agricultural land in Zambia for $8.5 million.
- The 4,942 acres (2000 hectares) of producing agricultural land, along with buildings and related assets, is located within the Mkushi Farm Block of Zambia’s Region II agricultural zone.
- The acquisition will help Sadot as it expands its position as an international agri-foods company.
- The developed farmland can produce wheat, soy, and corn, which are Sadot’s main target commodities, along with other high-value tree crops such as Avocado and Mango.
- “We have taken several successful steps in our shift to diversify our U.S.-centric restaurant business towards a more globally focused food organization,” said Muscle Maker CEO Michael Roper.
- “The Farm acquisition, when closed, is expected to further accelerate our growth as a related diversified holding company and to provide MMI shareholders exposure to our enhanced and expanding portfolio.”
- The company held $6.4 million in cash and equivalents as of March 31, 2023.
- Price Action: GRIL shares are trading higher by 0.02% at $1.11 on the last check Monday.
