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LONDON (Alliance News) - Dekeloil Public Ltd on Tuesday said it has until December 20 to exercise its option agreement for the remaining stake in its main palm oil project in the Ivory Coast, after upping its holding to 85.75%.
Last month, Dekeloil increased its stake through purchasing a further 34.75% interest in its joint venture company CS Dekeloil Siva Ltd from its partner Biopalm Energy Ltd. CS Dekeloil holds the Ayenouan project, one of West Africa's largest crude palm oil mills.
The remaining 14.25% of shares in the project are now subject to a second option agreement, Dekeloil said, the price of which is fixed with the outstanding amount representing EUR6.1 million.
Dekeloil said it has until December 20 to exercise the second option agreement.
"We believe the timing of the increase in our interest in Ayenouan to 85.75% is excellent. 2016 is the second full year of operations at our 70,000 tonnes per annum extraction mill where, thanks largely to our logistics network gaining traction with local smallholders, crude palm oil production is already ahead of the run rate achieved in 2015 which saw 35,500 tonnes produced," Executive Director Lincoln Moore said.
"In addition, 2016 will see our kernel crushing plant make a first full year's contribution, producing value-add products, while higher margin fresh fruit bunches grown from our own 1,900 hectares of mature plantations are now being used as feedstock," Moore added.
Shares in Dekeloil were up 0.9% at 13.38 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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