Equatorial Palm Oil plc Appointment of African Export-Import Bank (7416X)
February 13 2013 - 2:00AM
UK Regulatory
TIDMPAL
RNS Number : 7416X
Equatorial Palm Oil plc
13 February 2013
13 February 2013
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Appointment of African Export-Import Bank as corporate advisory
partner to Liberian Palm Developments Ltd
The board of EPO (the "Board") is pleased to announce that
Liberian Palm Developments Ltd ("LPD"), the joint venture between
EPO and BioPalm Energy Ltd., has appointed African Export-Import
Bank ("Afreximbank") as a corporate advisory partner for the
purpose of securing a $140 million financing facility (the
"Facility") which is expected to be sufficient to fund the Palm Bay
oil palm project located near the deepwater port of Buchanan in
Liberia, West Africa ("the Project").
The Project will involve large-scale development for the
cultivation of oil palms and the Board feels that the appointment
of Afreximbank demonstrates the continued progress made by the
Company in implementing its strategy of becoming a leading West
African palm oil producer.
As corporate advisory partner to LPD, Afreximbank will be
responsible for identifying and approaching suitable financiers for
the Facility.
Michael Frayne, chairman of EPO, commented:
"The appointment of African Export-Import Bank is another
important milestone in EPO becoming a leading palm oil producer in
West Africa. The proposed Facility is part of the overall funding
strategy to support our large-scale planting programme at Palm Bay
through to positive cash flow. Once secured, this funding will
enable us to drive forward a project that is as important for
Liberia as it is attractive for investors."
Dr. Benedict O. Oramah, Executive Vice-President of Business
Development and Corporate Banking, Afreximbank commented:
"The collaboration with Liberian Palm Developments offers an
exciting opportunity in a region with political stability and
favourable conditions for oil palm cultivation. The Project will
have a significant social impact on the local communities. The
social and economic objectives of Liberian Palm Developments are in
line with those of the African Export-Import Bank and we look
forward to developing our relationship further as LPD works towards
delivering its long term growth objectives."
- Ends -
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc
Michael Frayne (Chairman) +44 (0) 20 7766 7555
Strand Hanson Limited (Nominated
Adviser)
James Harris / Andrew Emmott +44 (0) 20 7409 3494
Mirabaud Securities LLP (Broker)
Peter Krens +44 (0) 20 7484 3510
Pelham Bell Pottinger (Financial
/ Corporate PR)
Archie Berens / Joanna Boon +44 (0) 20 7861 3126
Notes to editors:
-- The African Export-Import Bank was established in October
1993 by African governments, African private and institutional
investors, as well as non-African financial institutions and
private investors, for the purpose of financing, promoting and
expanding intra-African and extra-African trade. The objectives of
Afreximbank are to stimulate consistent expansion, diversification
and development of African trade while operating as a
profit-orientated, socially responsible financial institution and
as a centre of excellence in African trade.
-- Equatorial Palm Oil plc (EPO) is a UK publicly-listed crude
palm oil (CPO) producer with palm oil estates in Liberia, West
Africa. The Company was founded in 2005 and is focused on becoming
a global, sustainable producer of high quality palm oil to regional
and international markets.
-- With significant land position in Liberia, EPO is
geographically well positioned to serve the international and
regional markets and is committed to making a positive impact on
the community through investment in local schools, health clinics,
housing and infrastructure.
-- The Company's 50:50 joint venture partner in LPD is Biopalm
Energy Ltd, a subsidiary of the Siva Group, which invests in oil
palm projects around the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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