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Ajinomoto-Backed Promasidor Explores $1.5 Billion Sale

  • African food group working with adviser to gauge interest
  • Surging global food prices will hit Africa’s economies hard

Promasidor Holdings Ltd., an African food and drinks group backed by Japanese seasoning giant Ajinomoto Co., is exploring a sale, people familiar with the matter said.

The company is working with an adviser to gauge interest from potential buyers, the people said, asking not to be identified discussing confidential information. A sale may value Promasidor at about $1.5 billion, the people said.