18/03/2013 (CITY A.M) - Palm oil developing company DekelOil is to list on London’s junior stock market this morning after raising £1.7m.

The company, which is based in the Ivory Coast, placed 170m new shares through Optiva Securities at a price of 1p a share.

Alongside the placing, DekelOil has bought unlisted investment company Boletus Resources, which raised £580,000 through Optiva last year.

The proceeds from the placing will be used to expand DekelOil’s existing assets, including constructing a palm oil processing mill, which is currently underway and has the capacity to produce 70,000 tons of crude palm oil a year.