Buoyed by strong shareholder support DekelOil Public Limited (LON:DKL) is boosting its stake in the Ayenouan palm oil project in Côte d'Ivoire by a further 5% to 86%.
The additional cost will be £1.6mln that will be funded by a further share sale.
Late last month Dekel announced plans to raised £11.1mln to fund the initial increase in its Ayenouan holding from 51%.
Of today’s news, director Lincoln Moore said: “Thanks to strong demand from new and existing shareholders we have the opportunity to increase our interest in our flagship palm oil project in Cote d'Ivoire on the same earnings enhancing terms as those of May 24.”
Shares rose 2% to 1.3p.
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