Dekel Agri-Vision has obtained a fixed interest rate of 7% for a loan denominated in euros. This is the repayment of a €3.6 million loan to shareholder AgDevCo Ltd in August last year. The rate of the loan was previously variable and would have reached the ceiling of 9% otherwise. The repayment of the capital will take place on a pro rata basis between August 2024 and August 2027.
Chief Executive Lincoln Moore said: “All of our debt obligations are now fixed, which puts us in a good position to manage interest expense obligations as we embark on our strategy to reduce our debt levels by 2023 and beyond thanks to the positive cash flow generated by the palm oil operation as well as the cashew operation as it increases its production We also look forward to continuing our excellent partnership with AgDevCo.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
