Jeety saves over 900 jobs at SRC.

Purchasing SRC, a concessionaire, has moved Jeety Rubber LLC from a rubber processor company to a processor and a concessionaire.

Monrovia, September 2, 2024: Indian philanthropist and businessman Mr. Upjit Singh Sachdeva (Mr. Jeety) has saved over 900 jobs after purchasing the Salala Rubber Corporation (SRC), potentially relieving thousands of families whose breadwinners were headed for unemployment.

Through his Jeety Rubber LLC, a subsidiary of Jeety Conglomerate, Mr. Sachdeva announced over the weekend that he had purchased a 100% stake in

SRC and taken over the corporation from its previous Owner, Socfinaf S.A.

“The purchase of SRC was concluded effective August 26, 2024, according to the statement issued

by Socfinaf S.A. in Luxembourg on 27 August 2024,” Jeety said over the weekend.

Socfinaf S. A.’s announcement further indicated that all-natural rubber harvested at SRC would no longer be processed within the Socfin Group or sold by its trading arm, Sogescol.

The announcement also stated that as per the new owner’s wish, Jeety Rubber LLC, Socfin Group’s consulting arm, Socfinco should remain as the managing agent of SRC for one year to ensure the appropriate transfer of technical know-how.

According to Socfinaf S.A., Jeety Rubber LLC recognizes the importance of matters relating to land compensation and access to sacred sites to the local communities.

Jeety Rubber LLC has pledged its support to Socfinaf, which has indicated that despite the sale of SRC, it remains fully committed to its 2023 Action Plan regarding land compensation issues and access to sacred sites, based on the Earthworm Foundation on-site investigation findings.

Jeety Rubber LLC, a subsidiary of the Jeety Conglomerate based in Weala, Margibi County, buys and processes rubber into finished and semi-finished products, TSR 10, for shipment.

However, it has struggled to buy enough latex cup lumps to operate its factory fully. The company reported insufficient latex (cup lumps) to run its factory at optimum capacity.

The entity required a minimum of 225 Tons of latex (cup lump) daily and 6,750 monthly to run the factory 24 hours.

Further, Jeety Rubber LLC noted that the factory needed to stack at least two months of cup lumps/latex supply to operate at optimum capacity.

Industry observers believe that Jeety Rubber LLC’s acquisition of SRC is strategic and would greatly address the factory’s raw material needs.

This purchase of SRC, a concessionaire, moves Jeety Rubber from the processor category into the processor and concessionaire categories.

This gives Liberia immense leverage to achieve its goal of producing Made in Liberia rubber products, including latex gloves and tires, in the short and long term.

When reached for comments, Jeety Rubber LLC Chief Executive Office, Upjit Singh Sachdeva, stated that he would address the Liberian public at the appropriate time and provide relevant details regarding the purchase of SRC.

Announcing the sale of SRC, Socfinaf said it had taken the strategic decision to divest SRC in Liberia following several years of sustained losses.

It said the due diligence and discussions with the interested party, Jeety Rubber LLC, are now concluded, and the sale of SRC has been effective since Monday, 26 August 2024.

“From this date forward, the natural rubber harvested at SRC will no longer be processed within Socfin Group nor sold via its trading arm, Sogescol,” Socfinaf said.

Based on the new shareholder’s wish, Socfin Group’s consulting arm, Socfinco, shall remain as SRC’s managing agent for a year to ensure the appropriate transfer of technical know-how.

“The new shareholder recognizes the importance of the Action Plan for the local communities and supports its implementation,” Socfinaf noted.

“Notwithstanding the sale of SRC, the Socfin Group will continue to be an engaged investor in Liberia through its historic operation, the Liberian Agricultural Company (LAC).”