24th Feb 2014 13:44
LONDON (Alliance News) - Equatorial Palm Oil PLC said Monday it is targeting a planting target of 5,000 hectares in 2014 from its two estates.
The AIM-listed palm oil development and production company with operations in Liberia, West Africa, said it has set a target of 3,000 hectares at its Palm Bay estate and 2,000 hectares at the Butaw estate.
Equatorial Palm Oil said full activities have now resumed at both estates, following the receipt of loan funds and proceeds from a share subscription. It said Kuala Lumpur Kepong Berhad is now the largest shareholder in the company, and the 50/50 joint venture partner in the operating company is Liberian Palm Developments Ltd. The group said its joint venture partner is supporting the operational running of the Liberian oil palm development projects.
"2014 will be a transformational year for the Company now that it has the support and funding from its largest shareholder KLK. The target planting of over 5,000 hectares this year supports the large scale planting programme that the Company put in place 2 years ago. The team in Liberia will greatly benefit from the experience of KLK as we look to ramp up planting rates in the coming years," said Executive Chairman Michael Frayne in a statement.
Shares in the company were trading 7.3% higher at 5.50 pence per share Monday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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