Mozambique: British company sells shares to fund project in Mozambique

4 September 2008

London, United Kingdom, 4 Sept – British company BioEnergy Africa has gone ahead with a capital increase to fund its ethanol production project in Mozambique, the Alternative Investment Market (AIM) listed company said.

According to the information, the company issued shares accounting for 20.7 percent of its increased capital and netted 8.6 million pounds sterling from the sale.

The Mozambique project, operated by the company’s subsidiary ProCana, is expecetd to reach full capacity in 2015 with daily production of 1.2 million litres of ethanol.

BioEnergy Africa, which has a market capitalisation of 41.5 million pounds, is looking for a new chief executive, and the company’s financial arm is currently guaranteed by the Central African Mining and Exploration Company (CAMEC), which is also listed on the same market. (macauhub)