Equatorial Palm Oil Agrees USD20 Million Loan With Liberian Partner

LONDON (Alliance News) - Equatorial Palm Oil PLC said Monday its 50%-owned joint venture company ...

Alliance News 20 May, 2019 | 12:32PM
Email Form

LONDON (Alliance News) - Equatorial Palm Oil PLC said Monday its 50%-owned joint venture company Liberian Palm Developments Ltd has agreed a USD20.0 million loan deal with KLK Agro Plantations Pte Ltd,

KLK Agro Plantations is a wholly owned subsidiary of Malaysian agriculture company Kuala Lumpur Kepong Berhad.

Equatorial Palm Oil said the loan will fund the next phase of the company's operations in Liberia. The loan has an interest rate set at 3-months USD LIBOR plus 5% per annum and is repayable in full on expiry, including accrued interest, in 2024.

Kuala Lumpur Kepong holds about a 63% stake in Equatorial Palm Oil and the remaining 50% of the Liberian Palm venture.

Kuala Lumpur Kepong has previously loaned Equatorial Palm Oil USD20.5 million and two payments of USD30.0 million to fund operations and construction at the project.

Shares in Equatorial Palm Oil were down 4.4% Monday at 1.10 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Equatorial Palm Oil PLC 0.34 GBX -8.11 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies