Food Business | 17 March 2025
AgDevCo sells its stake in Saise Farming to Buya Bamba
ZAMBIA – AgDevCo has officially exited its investment in Saise Farming Enterprises Limited, Zambia’s leading commercial seed potato producer.
The impact investor sold its entire stake to Buya Bamba Limited, the largest potato trader in the country, marking another shift in Zambia’s agricultural landscape. The announcement was made on Thursday, March 13, 2025.
The financial details of the transaction were not disclosed. However, AgDevCo expressed confidence in the strides made by Saise Farming since its founding in 2016.
“Saise has significantly contributed to improving access to seeds, increasing agricultural yields, and establishing a reliable source of seed potatoes for the local market,” the investor said in a statement.
With the acquisition of Saise Farming, Buya Bamba Limited has strengthened its position in Zambia’s potato industry. The company plans to reduce reliance on imported potatoes by up to 50% while exporting as much as 30% to neighboring Southern African countries.
Buya Bamba had previously partnered with AgDevCo in the development of Saise Farming. The enterprise started with an initial budget of US$5.3 million, with AgDevCo contributing US$4.5 million through a combination of equity and loans. This backing helped Saise grow into a major player in Zambia’s seed potato sector.
The investment also secured AgDevCo a seat on the board of directors, allowing it to facilitate strategic partnerships, offer technical support, and oversee crucial developments within the company.
Despite selling its shares in Saise, AgDevCo continues to invest in Zambia’s agricultural industry. The firm still holds stakes in two other agricultural businesses: Katito Farming Enterprises, which it funded in 2017, and Goldenlay, a leading table egg production company, backed since 2019.
As of now, AgDevCo manages US$340 million in assets and has invested in more than 88 agricultural businesses across Africa.
The growing demand for potatoes in Zambia
Zambia’s potato market has been expanding steadily. Production is projected to reach 39,080 metric tons by 2026, reflecting an annual growth rate of 2% from 2021. At the same time, potato consumption is expected to increase to approximately 35,410 metric tons by 2026.
Retail prices vary across different regions, ranging from US$0.79 to US$3.30 per kilogram. While Zambia exports fresh, frozen, and processed potatoes, export prices have fluctuated in recent years.
According to the World Bank, agriculture remains a key part of Zambia’s economy. Although the sector only contributes 3.1% of the country’s GDP, it employs 57% of the workforce.
Out of Zambia’s 75 million hectares of land, 58% is classified as having medium potential for agricultural production, but only 15% of this land is currently cultivated.
The sale of Saise Farming is part of a broader transformation within Zambia’s agricultural industry, where private investment continues to shape local supply chains and reduce dependence on imports.
As businesses like Buya Bamba expand, the country’s ability to sustain its growing demand for potatoes and other staple crops is expected to improve significantly.