Curcas Oil N.V.
CURCAS OIL N.V. announces increase in stake in Philippian subsidiary
Curcas Oil N.V. / Key word(s): Strategic Company Decision CURCAS OIL N.V. announces increase in stake in Philippian subsidiary Amsterdam, The Netherlands, February 14th, 2011 – Curcas Oil N.V., an operator of jatropha plantations in Thailand, Indonesia and the Philippines, announces today the successful implementation of a capital increase at its subsidiary Curcas Oil Philippines Inc. in the Philippines. The share capital of the company has been increased from 2.5mn PHP to 10mn PHP and Curcas Oil N.V. was able to increase its stake by 50% from 60% to 90%. Further the company announces that the ramp up of the production has been slower than anticipated. This is part owed to the fact that the rehabilitation of the plants is progressing slower than expected. When entering the Philippian market, the company assumed existing plantations and now actively works together with the local farmers in regard to reforestation and proper cultivation. As a part thereof seminars are being held and consultants of the company visit regularly the plantations to support the farmers with advice and experience. Also the setup of the logistics turns out to be more complex than originally anticipated inter alia the delivery of Jatropha seeds. Due to the lagging development of the operations, a change in local management will also be seen through from which the company expects an increase in productivity and rapid improvements. In other news, the company is pleased to announce that for the setup of a R&D department a bio chemist with a degree from the University of Malaysia has been hired. She will support the company's three subsidiaries and will be helpful in analyzing the chemical compositions of the final products. About Curcas Oil N.V. Curcas Oil N.V. is a producer of Jatropha Crude Oil. With its subsidiaries Alternative Energy Manufacturing Ltd. (Thailand), Curcas Oil Philippines Inc. (Philippines) and PT Pengembangan Jarak (Indonesia), Curcas Oil N.V. cultivates Jatropha Curcas plants for the production of Jatropha Crude Oil in a sustainable and responsible manner.
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