24th Feb 2014 10:55
LONDON (Alliance News) - Paragon Resources OKC Monday said it has acquired an initial 10% stake in Paragon Volta Ltd and is in the process of finalising for PVL a sub lease over 5,000 hectares of irrigable land close to the River Volta in Ghana.
PVL was established by Vijay Thakrar, who holds the remaining 90% of the shares, to progress the significant agricultural potential of this land in Ghana.
The AIM-listed agriculture investing company said the deal is an important step in the implementation of its investment policy in African agriculture.
In addition the the acquisition, Greenstar Resources Ltd, in which Paragon has a 40% stake, intends to enter into a contract with PVL to manage the development of land and to progress early trials with a view to "validating and enhancing PVL's crop plans focused on generating early revenue from its activities".
The stock was trading at 0.300 pence Monday morning, down 0.015 pence or 4.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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