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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Biofutures | LSE:BIP | London | Ordinary Share | GB00B12B4T47 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.025 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBIP
RNS Number : 8353D
Biofutures International plc
29 March 2011
29 March 2011
Biofutures International plc
("Biofutures" or the "Group")
Operations and Strategy Update
Operations Update
Biofutures is pleased to announce that feedstock supply agreements have been executed between its subsidiary, Zurex Corporation Sdn. Bhd. ("Zurex"), and two suppliers of Crude Palm Oil (CPO), namely the Teck Guan Group and CC Palm Trading Sdn Bhd. In addition, an off-take / contract manufacturing memorandum of understanding has been signed between Zurex and CC Palm Trading Sdn Bhd.
As prices of CPO have been highly volatile in the first three months of 2011, Zurex has been extremely cautious in its refining approach in the view of optimising the use of its resources and to avoid any unwarranted losses. These agreements should help reduce the impact of such volatility in the longer term.
The Group is also pleased to announce that, on the average, specifications of RBD Palm Oil produced by the Zurex refinery exceeds that of the Palm Oil Refiners Association of Malaysia (PORAM), an internationally accepted, Malaysian Palm Oil Board standard, as shown below:
RBD PALM OIL (RBD Palm Oil) PORAM Spec Zurex Spec
Free Fatty Acid (FFA) (As Palmitic) 0.1% Max 0.04%
Moisture & Impurities (M&I) 0.1% 0.02%
Peroxide Value 1.5 Meg/Kg Max 0.87 Meg/Kg
Iodine Value 50 -55 Meg/Kg 52.1 Meg/Kg
M.Pt (AOCS Cc3-25) 33 - 39C 34C
Colour (5 1/4" Lovibond Cell) 3 Red Max 2.2 Red
Strategy Update
In view of the extreme volatility nature of the feedstock prices, Biofutures has started exploring the viability of owning its own plantation. In addition, the Group is exploring the possibility of collaborating with reputable process plant suppliers to consider other downstream activities such as further fractioning of RBD Palm Oil into RBD Palm Olein as well as to produce niche and high valued derivatives that will complement the activities and revenue of our refinery.
For further information, please contact:
Biofutures International plc Tel: + 603 6203 5136 Joe Wong, Chief Executive Officer www.biofuturesplc.com Daniel Stewart & Company plc Tel: + 44 (0) 20 7776 6550 Oliver Rigby/Antony Legge/Colin Rowbury www.danielstewart.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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