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.”