27th Jan 2015 10:12
LONDON (Alliance News) - Equatorial Palm Oil PLC Tuesday said it has secured a USD20.5 million loan for its 50/50 joint venture company Liberian Palm Developments Ltd.
The AIM-listed palm oil development and production company with operations in Liberia, said the loan agreement is with KLK Agro Plantations Pte Ltd, a subsidiary of Kuala Lumpur Kepong Berhad.
KL Kepong holds a 62.86% stake in Equatorial Palm Oil and also holds the remaining 50% interest in the joint venture firm Liberian Palm Developments.
The USD20.5 million loan has a term of five years, and Equatorial Palm Oil said it will be used to develop its oil palm estates in Liberia.
Shares in Equatorial Palm Oil were trading 9.5% lower Monday mid-morning at 4.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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