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Equatorial Palm Oil (PAL)

Share Price:
0.75p
Change Today:
0.000p
Market Cap:
2.67m

Equatorial Palm Oil's tax and duty free allowance extended by five years

17 Mar 17

LONDON (ShareCast) - (ShareCast News) - AIM-listed Equatorial Palm Oil's tax and duty free allowance has been extended for a further five years by the government of Liberia following slower production development at its sites in the country.
The palm oil producer's agreement with the Liberian government extends the concessions reached in 2008 for its subsidiaries in the country for the development of two existing oil palm estates at Palm Bay and Butaw.

The original 50-year concession agreements became effective on 6 August 2008 and subsequently the company's Liberian subsidiaries, Libinc Oil Palm and Liberia Forest Products, were granted certain tax- and duty-free status for the first seven years of its operations.

EPO said that, due to factors outside of its control, there was slower than planned development of the concession areas, and the government has now approved an amendment to the concession agreements for the subsidiaries.

The initial seven year term was extended by a further five years from 27 February for Libinc Oil Palm and 14 March for Liberia Forest Products and the concession agreements have also been extended by a similar period will now end on 6 August 2063.

Executive Geoffrey Brown said: "The sustainable palm oil business is a long-term commitment to the government of Liberia and its people and the company continues with its unwavering support to reinvigorate the agricultural industry through partnering with all stakeholders."

Shares in Equatorial Palm Oil were up 3.7% to 3.50p at 0908 GMT.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Market Data

Currency UK Pounds
Price 0.75p
Change Today 0.000p
52 Week High 1.70p
52 Week Low 0.71p
Volume 769,973
Shares Issued 356.28m
Market Cap 2.67m

Dividends

No dividends found