Monrovia, Liberia – A 100% interest in Salala Rubber Corporation (SRC) has been acquired by Jeety Rubber LLC, a subsidiary of Jeety Conglomerate. SRC was previously owned by Socfinaf S.A. The purchase of SRC was finalized with effect from August 26, 2024, according to the statement issued by Soctinaf S.A. in Luxembourg on August 27, 2024.
The announcement by Socfinaf S. A. also indicated that the Socfin Group would no longer process all-natural rubber harvested at SRC or sell it through its trading subsidiary, Sogescol. In addition, the announcement stated that Socfinco would continue to act as the managing agent of SRC for a year, as requested by the new proprietor, Jeety Rubber LLC, the consulting branch of Socfin Group, to ensure the proper transfer of technological expertise.
According to Socfinaf S.A., Jeety Rubber LLC recognizes the importance of land compensation and access to sacrosanct sites for the local communities. In spite of the sale of SRC to Jeety Rubber LLC, the company has pledged its support to Socfinaf, which has stated that it is fully committed to SRC’s 2023 Action Plan regarding land compensation issues and access to sacred sites, as per the findings of the Earthworm Foundation on-site investigation.
Jeety Rubber LLC, a subsidiary of the Jeety Conglomerate, is situated in Weala, Margibi County. The organization is accountable for the procurement and processing of rubber into semi-finished and final products, or TSR 10, for shipment. Nevertheless, the organization has encountered challenges in obtaining an adequate quantity of latex cup lumps to operate its factory at maximum capacity.
Jeety Rubber LLC reported that it was not receiving an adequate quantity of latex (cup masses) to operate the factory at its utmost capacity. This is a noteworthy fact, the organization stated that it is required to stockpile a minimum of two months’ worth of cup lumps/latex supply in order to operate the factory nonstop.
Furthermore, the factory must operate at optimal levels by utilizing a minimum of 225 tons of latex (cup mass) per day and 6,750 tons per month. the acquisition of SRC by Jeety Rubber LLC is strategic and would substantially address the factory’s raw material needs. Jeety Rubber transitions from the category of processor to that of processor and concessionaire with the acquisition of SRC, a concessionaire. This acquisition offers the company substantial leverage to accomplish its long-term and short-term goal of manufacturing rubber products that are Made in Liberia, including tires and latex gloves.
Mr. Upjit Singh Sachdeva, the Chief Executive Officer of Jeety Rubber LLC, commonly know as Mr. Jeety in Liberia said: “At the appropriate time, I will address the Liberian public and provide relevant details regarding the purchase of SRC.”
