Equatorial Palm Oil Grants Five Year Extension Of $2.0 Million Loan To Joint Venture Liberian Palm Development Ltd
LONDON (Alliance News) – Crude palm oil producer and developer Equatorial Palm Oil PLC said Monday it has extended the maturity of its USD2.0 million loan to joint venture company Liberian Palm Developments Ltd.
Shares in Equatorial Palm Oil were down 12% at 1.50 pence on Monday afternoon.
The loan was due to mature on Tuesday, but the maturity date has been extended to November 2023 through a deed of amendment.
Interest is charged at either the USD London interbank offered rate plus 4% per year, or at 8% per year, whichever is highest.
Including accrued interest, the loan currently has USD2.9 million outstanding.
As at November 1, including this loan, Liberian Palm Developments owed USD6.2 million to Equatorial Palm Oil.