Nigeria, Oct. 4 -- Agro-industrial firm Ellah Lakes has agreed to a deal to buy out Agro-Allied Resources & Processing Nigeria Limited (ARPN), owned by Singapore-based Tolaram Group and Valuestar Holdings PTE.

The transaction is expected to be completed by December.

The acquisition will hand the ownership of 11,783 hectares of cultivated land, 2,093 hectares of cassava plantations as well as 10,393 hectares of farmland yet to be cultivated to Ellah Lakes, the company stated in a regulatory filing on Friday.

Ellah Lakes, which has been diversifying away from its original fish farming business since 2019 into the production of palm oil, rice and sugar as part of the board's push to return the loss-making firm to profitability, is looking...