Proceeds of increase to expand Acazis's peanuts cultivation in Ethiopia
The board of ACAZIS AG has decided, with the consent of the Supervisory Board of Directors, to raise the company’s share capital by issuing up to 3,136,314 new shares. The current share capital will therefore grow from €1,568,157.00 to €4,704,471.00 in exchange for a cash contribution.
The company is planning to use the proceeds of the capital increase for expanding the company and particularly its peanuts cultivation in Ethiopia.With the oil mill soon to start operation again, the company needs about 10 to 15 tonnes of peanuts a day in order to run effectively. By cultivating its own peanuts, the company hopes to be less dependent on the market increases in price, Patrick Bigger, CEO of the company, said.
The company will offer the new shares to shareholders at a ratio of 1:2 and at a subscription price of €1.00 per share. The subscription period will run from 7 July 2011 up to and including 20 July 2011. Holders of the bearer shares, which have a nominal value of €1.00 each, are entitled to a dividend from 1 January 2010 onwards.
Acazis is a company based in Gilching near Munich, Germany. It operations include cultivation and use of castor plants, production of edible oils, provision of any related services and acquisition and management of companies and shareholding in related companies as well as the as the carrying out of Executive Board functions.
Source: Reuters
