The International Finance Corp., the World Bank’s private lending arm, appointed Sujoy Bose to the board of Armajaro Trading Group Ltd. after its investment in the London-based supplier of sugar, cocoa and coffee.
Bose, who is chief investment officer and head of the $1 billion IFC African, Latin American and Caribbean Fund, was named on Nov. 6, according to a filing to U.K. Companies House. Ludwina Joseph, a spokeswoman at the Washington-based IFC, confirmed Bose’s appointment as non-executive director by e-mail today. Brian Buckley, a spokesman for Brunswick Group, Armajaro’s public relations representative, declined to comment on the appointment when contacted by Bloomberg today.
The IFC got two seats on Armajaro’s board after taking a 6 percent stake and investing $55 million in the trading house this year. Bose was the first to be named. A decision on the next appointee hasn’t yet been made, the IFC’s Joseph said. Bose has 20 years of experience in emerging markets private equity and debt investments with the IFC. From 2006 to 2010, he was head of the lender’s office in Mumbai, the IFC said.
Armajaro shrank its board by five members in July following the IFC’s investment. Richard Ryan, former chief executive officer who was involved in the IFC negotiations, left Armajaro in September. Richard Gower, who founded parent company Armajaro Holdings Ltd. with Anthony Ward in 1998, will hold the position of interim CEO until a permanent replacement is found, the company said at the time.
Armajaro sold $2.9 billion in physical commodities in the year ended Sept. 30, 2011, according to a filing to U.K. Companies House. The company had 1,101 employees who owned 15 percent of the shares at the time, the filing showed.