BioEnergy Africa raises £8.6m through new AIM listing
Monday, September 01, 2008
BioEnergy Africa, a business formed to develop the production of ethanol from sugar cane projects in southern Africa, has listed on AIM today.
The company raised £8.6 million through a placing of 68,825,600 new ordinary shares at 12.5 pence per share, representing approximately 20.7% of the company’s share capital. The move values BioEnergy Africa at around £41.5 million.
Funds from the placing will be used to develop the company’s first project, a 30,000 hectares ethanol project in Mozambique, and to pursue other commercial opportunities relating to sugar cane and ethanol production in southern Africa.
Chairman Phil Edmonds said BioEnergy Africa was well placed to capitalise on the increasing world demand for ethanol.
“The market is growing rapidly and the economics are highly attractive,” he said. “With this is mind we are also investigating other commercial opportunities relating to sugarcane and ethanol production in other southern African countries, some of which have historically been significant producers of sugar cane.”
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