Business
Completion of Joint-Venture
Completion of Joint-Venture.
About this update from Capital Metals Plc
[{"type":"text","content":"\n RNS Number : 6691A Equatorial Palm Oil plc 03 February 2011 \n \n\n3 February 2011\nEquatorial Palm Oil Plc\n(\"EPO\" or the \"Company\")\n \nCompletion of Joint-Venture with Biopalm Energy Ltd.\n \nFurther to the announcement of 29 December 2010, the Board of EPO announces that the Joint Venture Agreement has been fully implemented and that US$22.5 million in cash from Biopalm Energy Ltd has now been received by the joint venture company set up to develop its c.169,000 hectare land position at Palm Bay, Butaw and River Cess in Liberia.\n \n\n\n\n\nEquatorial Palm Oil plc\nCompany\nMichael Frayne, Chairman\n\n\n \n \n+44 (0) 20 7766 7555\n\n\n\n\nShore Capital & Corporate Ltd.\nNOMAD and Joint Broker\nPascal Keane\nEdward Mansfield\n\n\n \n \n+44 (0) 20 7408 4090\n \n\n\n\n\nMirabaud Securities LLP\nBroker\nPeter Krens\n\n\n \n \n+44 (0) 20 7484 3510\n\n\n\n\nPelham Bell Pottinger\nFinancial / Corporate PR\nCharles Vivian\n\n\n \n \n+44 (0) 20 7861 3126\n\n\n\n\n \n \nNotes to Editors:\n \nInformation on Equatorial Palm Oil Ltd.\nThe Company's objective is to become a global, sustainable, low cost producer of crude palm oil.\nThe Company is developing a low-cost CPO production-base sourced from its initial land bank. The Group has acquired oil palm mills to process the Fresh Fruit Bunches ('FFB') harvested from the plantations in Crude Palm Oil ('CPO') and other related products. The CPO produced is initially intended for sale into the local Liberian and West African markets where it is a key staple food and in short demand. West Africa is currently a net importer of 400,000 tpa of CPO. The longer term objective is to develop sufficient scale in its production and processing of CPO in order to widen exports to a broader international market including Europe, where the company will benefit from geographical advantage in freight costs and increasing demand for a sustainable product.\n \n \nInformation on the Siva Group and Biopalm Energy Limited\n \nThe Siva Group\nThe Siva Group was founded in 1986 by Mr. Chinnakannan Sivasankaran, and is headquartered out of Chennai, India valued in excess of US$3 billion, with over 3,000 employees and operations in Realty, Telecom, Project Engineering, Shipping, Renewable Energy, Agricul...