28th Dec 2006 13:27
Tejoori Limited28 December 2006 28 December 2006 Tejoori Limited plc ("Tejoori") Tejoori Limited Acquires 16.7% of Renewable Energy Company for EUR 6 Million Tejoori Limited (TJI.L) the London (AIM) listed, Dubai headquartered investmentcompany today announced that it has entered into an agreement to invest EUR 6million, using Tejoori's existing cash resources, over the next three monthsinto a holding company in Germany. The holding company will comprise of BEKON Energy Technologies Management GmbH("BEKON ET GmbH"), BEKON Energy Technologies GmbH & Co. KG ("BEKON ET KG") andBEKON Umweltschutz & Energietechnik GmbH ("BEKON UE GmbH") together forming theholding company ("BEKON"). The agreement is to acquire 16.7% of the consolidated operations of BEKON, basedon an estimated fair value of BEKON. Collectively the companies operate in thefield of developing, constructing, marketing and operating of biogas, energy andwaste treatment plants. BEKON's operations incurred negligible losses in thepast fiscal year. BEKON has developed two proprietary technologies enabling Dry-Fermentation. Bothtechnologies are based on BEKON's protected Dry-Fermentation process allowing itto design, establish and operate BIOGAS plants. Dry-Fermentation is a processwhere renewable energy is created by converting biodegradable waste intoelectricity. The two technologies are: 'In-Box Fermentation' which derivesBIOGAS from organic material from municipal collection systems, and;'Circle-Fermentation', which focuses on agricultural waste and products tocreate BIOGAS. BIOGAS is one of the most efficient sources of renewable energy. Both types of Dry-Fermentation offer significant advantages to the existingwidely used wet fermentation process of converting biomass to biogas. Theadvantages of dry-fermentation over wet-fermentation include lower operating andmaintenance costs, lower water consumption and the ability to use remotecontrolled operations promoting safety and efficiency. Tejoori will inject up to EUR 3 million to buyout an existing shareholder andinject an additional EUR 3 million to meet the global expansion and workingcapital needs of BEKON. This Shari'a compliant and socially responsible investment follows furtherrecent investments made by Tejoori that are intended to both return asubstantial profit to its investors as well as contribute to a more healthysociety. BEKON ET GmbH was founded in 1998 and in 2002 built its first BIOGAS proof ofconcept plant for the municipality of Munich. Having met functionality,reliability and profitability performance criteria in each of the last threeyears, BEKON ET GmbH sold the plant to the Municipality of Munich and hasentered into an agreement with them to expand its capacity from 8.5 K tons oforganic waste disposal per year to 25 K tons. This proof of concept has caused many municipalities and organisations to takeinterest. BEKON has signed contracts with a value in excess of EUR 15 millionthroughout Europe benefiting from the increasing demands and evolving legalenvironment towards more efficient renewable energy technologies. Tejoori is the first independent and international company dealing with Shari'acompliant investments to be listed on AIM. Tejoori's investment policy iscentered on the principles of Shari'a compliant investing. Tejoori also activelyconsiders investments that are socially responsible. This unique investmentapproach is not limited by geography or sector but by the quality and potentialof the investment and its contribution to society. Commenting on the investment Sheikh Fawaz Bashraheel, Chairman of TejooriLimited said, "Governments in Europe are encouraging the development and deployment of renewable forms of energy. This is increasingly becoming a global trend. Our involvement in this deal benefits the further development in both renewable energy and waste management technologies. We are committed to investing in newer and greener technologies which can provide alternative and renewable solutions to the world's ever increasing energy needs." Steffen Schubert, Managing Director of Tejoori added, "BIOGAS is one of the most efficient sources of renewable energy and BEKON ET has developed proprietary processes that put its technology at the forefront of this vital industry. With predictions from the German BIOGAS association that global sales of BIOGAS facilities to be between EUR 7.5-10 billion by 2010, our investment in BEKON ET is both relevant and timely. The profit potential for BEKON ET is substantial and we are also attracted by the socially responsible nature of this investment. BEKON ET technologies have the potential to positively contribute to a healthier world." Peter Lutz, Chief Executive of BEKON said, "After proving the validity of the BEKON Dry-Fermentation process and gaining increasing market acceptance, our exposure in the world market is escalating. Tejoori, with its long-term view and its commitment to socially responsible investing, gave us the chance to team up with a partner to reach our ambitious goals." -Ends- Notes to Editors: About Tejoori Limited Tejoori is an independent international investment company. Headquartered in Dubai, Tejoori is listed on the Alternative Investment Market(AIM) of the London Stock Exchange. It is the world's first investment companydealing with Shari'a compliant investments to be admitted to AIM. Tejoori's investments will not be limited by a specific geographical region orsector. In other words, Tejoori will invest, within the guidelines of Shari'aprinciples, purely based on the quality of the investment potential. Despite this flexible approach towards potential investment opportunities,Tejoori will actively court established and emerging sectors such as Shari'afinance, healthcare, environmental technologies and intellectual property. For more information, visit www.tejoori.com For further information, please contact: Financial Dynamics Telephone: 00 971 4 332 8832John HobdayMobile: 00 971 50 464 8706Email: [email protected] Manash BhuyanMobile: 00 971 50 841 9631Email: [email protected] Tejoori Limited Telephone: 00 971 4 329 2426Emad AbourahmeMobile: 00 971 50 559 7986Email: [email protected] Moosa Al TartirMobile: 00 971 50 454 5657Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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