Dekel Agri-Vision PLC - West Africa-focused agriculture company - Completes acquisition of further 14.2% stake in large-scale raw cashew nut processing project at Tiebissou, Ivory Coast. Will issue 28.6 million shares in exchange for the stake, with the shares representing 6.3% of Dekel's enlarged share capital. Now holds 52% controlling interest in the project, which is on track to start processing operations at an initial 10,000 tonnes per annum rate in the second quarter of 2021. The cashew project will then become Dekel's second producing asset alongside its 100%-owned palm oil operation, also located in Ivory Coast, at Ayenouan. Dekel still has an option over an additional 16.7% stake in the project.
Dekel Executive Director Lincoln Moore: "With the Tiebissou cashew project expected to commence production in Q2 2021 and our palm oil operations on track to post a material year on year improvement for the second half, we are confident that both the value and growth case for Dekel will be there for all to see in the months ahead."
Current stock price: 2.98 pence
Year-to-date change: down 18%
By Anna Farley; annafarley@alliancenews.com
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Dekel Agri (DKL)