| CATEGORY: SMALL CAPS NEWS SECTOR: OIL & GAS PRODUCERS |
D1 Oils raises £26m |
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Tue 31 May 2005
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LONDON (SHARECAST) - Biodiesel developer D1 Oils has raised £26m through a share placing to accelerate its expansion.
D1 also announced two new joint ventures with Sichuan Yangtze River Technology in China and Abdullatef Al-Rajhi International in Saudi Arabia.
'The placing and new joint ventures announced today will enable us to expand much more rapidly. We have increased our total planting targets seven fold since last October. We expect China and India to be two of the largest markets in the world for biodiesel," chief executive Philip Wood said.
D1, which placed 9.73m shares at 265p, compared with a closing price of 315p, reported a loss on ordinary activities before taxation of £3.1m in 2004 compared with £705,000 in 2003.
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