DekelOil Public Limited now holds a 100% interest in the profitable and vertically integrated Ayenouan palm oil project in Cote d’Ivoire, which includes one of West Africa’s largest crude palm oil mills.
This follows the acquisition, by way of a share conversion, of the remaining 14.25% interest in CS DekelOil Siva Limited, the company’s joint venture which owns the project, from DekelOil’s partner, Biopalm Energy Limited.
Consideration for the acquisition is being satisfied via the issue of 35,455,111 ordinary shares to Biopalm at 13.25p per share, a premium of 19.2%to the closing share price on 6 January.
Executive director Lincoln Moore said: “Today’s acquisition has been secured on terms that are value accretive for our existing shareholders. Equally as important however, is that it gives DekelOil 100% ownership of our producing and profitable palm oil project at Ayenouan. Our shareholders will also enjoy 100% of the benefits of all new initiatives going forward and I look forward to providing further updates on our progress in due course.”
At 8:19am: (LON:DKL) DekelOil Public Ltd share price was +0.75p at 11.88p
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