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Dekeloil takes full ownership of Ivory Coast palm oil operation

Biopalm will have a stake of approximately 12.5% in DekelOil following the transaction.

DekelOil Public Limited (LON:DKL) has taken full ownership of the Ayenouan palm oil project in Côte d'Ivoire.

The AIM-listed group acquired the outstanding 14.25% in CS DekelOil Siva Limited, the owner, from its partner Biopalm Energy through the issue of shares at 13.25p, a 19% premium to the closing price last week.

Biopalm will have a stake of approximately 12.5% in DekelOil following the transaction. 

Lincoln Moore, an executive director of DekelOil said:  "Today's acquisition has been secured on terms that are value accretive for our existing shareholders. 

“Equally as important however, is that it gives DekelOil 100% ownership of our producing and profitable palm oil project at Ayenouan.”