Inqo Investments Limited

Investment in Flybox Budongo (BSF) Limited

Inqo Investments Limited ("Inqo" or "the Group") is a South African based social impact company that invests in businesses that tackle poverty and environmental challenges in Sub-Saharan Africa.

Inqo Investments Limited (INQO) announces today an investment in Flybox Budongo (BSF) Limited ("Flybox Budongo") as part of its Conservation and Rural Enterprise (CARE) Project in Uganda. Flybox Budongo's parent company, Mana Biosystems Limited has developed a modular containerised system for the production of Black Soldier Fly (BSF) eggs and 5-day old larvae ("seedlings"). BSFs are a sustainable and environmentally friendly way of converting organic waste into useful material in the form of high protein animal feed. The eggs and seedlings will be sold to waste management companies and farmers who will use the BSF eggs to process organic waste. Mana Biosystems Ltd will build the containers to be installed in Budongo and Flybox Budongo expect to commence production in Q4 2024.  

The CARE Project aims to use an enterprise approach to tackle environmental and social issues in and around the Budongo Forest in Uganda. Budongo Forest faces several threats including illegal bush meat poaching, deforestation for charcoal production and increasing population pressure around the forest fringes. The CARE project is designed around the belief that social and environmental issues are interrelated and that poverty is a key driver of deforestation in this region. By working with communities in and around the Budongo Forest to build scalable and sustainable SMEs with an environmental focus, the CARE project aims to create jobs, increase livelihoods in the community, give the forest meaningful economic value for local communities and provide alternative employment to activities such as bushmeat poaching and charcoal production.

 "We are delighted with this new investment in Flybox Budongo. Their technology is ideally suited to our rural setting and aside from the impact on waste processing, the company will create a number of technical jobs in the community," said David Louw, Director of Inqo Investments Ltd. "A key part of the CARE project will be assessing the environmental and social impacts that Flybox Budongo, as well as our other investments in the area, have for local communities and the forest."

Comments from Larry Kotch, COO of Mana Biosystems Ltd, UK: "We're thrilled that our technology will be used to support local Budongo waste management and livestock farming businesses. Together we can work to upcycle local organic waste into nutritious animal feed and fertiliser, demonstrating that sustainability and profitability can go hand in hand. We hope the BSF centre will also act as an educational opportunity for the wider community, spurring on additional insect entrepreneurship over the next exciting years."

K.S Tan                                                                                              David Louw

Chairman                                                                                       Director

Issued on: 15 July 2024

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About Inqo Investments Limited

'INQO' (www.inqo.co.za) is a South Africa-based social impact company listed on the London Aquis Stock Exchange Growth Market. It makes strategic acquisitions and investments in businesses designed to tackle poverty and provide employment, products and services to the poor in Low Income Countries (LICs).

About Mana Biosystems Ltd (www.flybox.bio)

Flybox's insect farms enable food and other organic waste to be upcycled into 2 valuable products - fass, an organic fertiiser as well as insect larvae protein, as substitute for soya and fishmeal in animal feed. Insect farming is truly circular, sustainable and Zero Waste.