Bioenergy growth predicted with Cambodian purchase
A memorandum of understanding has been signed so Sino Bioenergy can acquire a Cambodian agriculture project.
Sino will purchase 100% of the 198,900,000 shares in Sky Energy holdings at US$0.60 each and the deal is under going due diligence before final sign off.
A Sky Energy subsidiary, Noble Success, is cultivating cassava in Cambodia and intends to plant Sino’s exclusive rice seed crops. NS will use the by-product for biomass and believes it can produce up to 270,000 tonnes from its cassava plantation alone.
‘This planned acquisition is another opportunity for us to utilise both our super rice seeds and our refuse derived fuel technology,’ says Sino Bioenergy president Daniel McKinney. ‘We are looking forward to closing this acquisition.’