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yeah. close 0.230 then MIGHT cheong again tmr. =)
what is zoooo...n
haha
Wholly owned subsidiary Van der Horst Biodiesel (VDHB) has entered into a non-binding agreement with Integra Marketing to offtake and market 80% of production from VDHB's upcoming biodiesel refinery for 5 years. The non-binding heads of agreement set out the broad terms agreed on by the two parties. The signing of a definitive agreement will be announced later. The agreement will not have any material impact on Van der Horst Energy's financials for the current year, the company said.
VDHB plans to refine raw agricultural oil, including that of raw Jatropha Curcas oil, to produce biodiesel at its new refinery at Tanjong Langsat in Johore, Malaysia. The refinery is expected to start production in 2010, with a capacity of 100,000 tonnes a year annum. The capacity is expected to increase to 160,000 tonnes per annum in 2011 and then to the rated capacity of 200,000 tonnes a year in 2012.
GKE Shareholders yesterday voted to purchase Van der Horst Biodiesel (VDH Biodiesel), a jatropha-based biodiesel venture, for $13m, financed partly by the placement of 120m shares to Kwan Chee Seng, chairman of the Van der Horst Group. GKE will place the shares at $0.11 each, and issue a call option for another 100m shares at the same price to Mr Kwan. In return, the latter will sell his majority stake in VDH Biodiesel to GKE, which will issue shares to the firm's smaller shareholders in exchange for their stakes.
The re-formed group, to be renamed Van der Horst Energy, plans to build a 200,000-tonne per annum biodiesel facility in Singapore or Johor. It also owns rights to plant some 87,000 hectares of land in Cambodia and China, with MOUs to acquire another 67 ha in China and Myanmar, according to Peter Cheng, CEO of VDH Biodiesel.
The group will retain GKE's logistics business, which earned about $1.7m in net profit in 2007 but needs short-term cash, according to a circular. The resolutions were passed at an EGM and took place after about 10 months of clearing regulatory hurdles.