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Hot Stock Asia Bioenergy rose actively after pact to sell biofuels to Concord of Singapore

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Hot Stock Asia Bioenergy rose actively after pact to sell biofuels to Concord of Singapore Empty Hot Stock Asia Bioenergy rose actively after pact to sell biofuels to Concord of Singapore

Post by Cals Fri 18 Apr 2014, 02:35

Hot Stock Asia Bioenergy rose actively after pact to sell biofuels to Concord of Singapore
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 17 April 2014 16:58

KUALA LUMPUR (April 17): Asia Bioenergy Technologies Bhd rose in active trades after the company announced that an associate company is selling biofuels to Concord Energy Pte Ltd.

At 4.37pm today, Asia Bioenergy rose one sen or 10% to 10.5 sen per share on trades of 136.5 million shares. It was the second most actively traded counter.

Nexfuel Ltd has signed an agreement to sell all biofuels products produced using the technology developed by Cool Planet Energy Systems Inc to Concord Energy Pte Ltd of Singapore, the company said in a statement to Bursa Malaysia today.

Nexfuel is 20%-owned by Asia Bioenergy.

Asia Bioenergy said the agreement follows a plant construction agreement, previously signed between Nexfuel and Cool Planet on Feb 20.

It granted Nexfuel the licensing rights to Cool Planet's technology to develop fuel production plants in Malaysia.

"Nexfuel intends to establish one or more of such plants with the first targeted for completion by 2016."

Asia Bioenergy said the offtake agreement is effective immediately and will endure until the sixth anniversary of the first delivery from the first facility.

The agreement is expected to contribute positively to the future earnings of the company.
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