Jatropha firm Bionas seeks USD800m IPO - Rumour

Wed Feb 23 2011, 09:38 AM

Malaysian biodiesel firm Bionas Group hopes to raise GBP500m (USD808.1m) through the IPO of its UK subsidiary, Bionas Fuel, according to Business Times. The firm has reportedly hired Barclays to manage the offering on London’s Alternative Investment Market (AIM). Talking to Business Times, the firm’s chairman says it plans to carry out the IPO by middle of this year.

Bionas says it plans to use the majority of the proceeds to fund jatropha curcas cultivation in Africa. The firm currently sells jatropha seedlings to farmers in the Malaysian states of Sabah and Sarawak, and buys back fruit grown at a set price. Bionas claims to operate press mills in Malaysia that extract the fruit’s oil.