(Alliance News) - Palm oil producer DekelOil Public Ltd is to change its name, it said on Thursday, to reflect a new multi-commodity strategy.
DekelOil has called a general meeting for October 10 in London to vote on a name change to Dekel Agri-Vision Ltd.
"Management believe the change of name to Dekel Agri-Vision Ltd more accurately reflects the multi-project, multi-commodity strategy being implemented," said the company.
"The execution of this strategy has already begun with the commencement of ground works at the cashew nut processing project at Tiebissou in Cote d'Ivoire, which will become the company's second production asset in 2020 alongside its vertically integrated palm oil project in Ayenouan," it continued.
"Moreover, management is also actively assessing and investigating new opportunities to create additional revenue streams."
DekelOil's ticker in London, 'DKL', will remain unchanged, as will its ISIN number.
"The recent commencement of ground works at the cashew processing plant site marked a significant milestone for the company in the advancement of its strategy to become a multi-project, multi-commodity West African focused agriculture company," said Executive Director Lincoln Moore.
"Accordingly, the board is proposing that the company name is changed to Dekel Agri-Vision Ltd, as we believe it better reflects our long-term strategic aims as well as Dekel's current business operations. We look forward to outlining progress in due course on our existing projects as well as additional projects currently under consideration."
Shares were 2.6% higher on Thursday morning in London at 2.56 pence each.
Dekel Agri (DKL)