Business News of Wednesday, 12 October 2016Source: Business in CameroonBiomass Cameroon strengthens equityBiomass Cameroon strengthens equity, in preparation for wood shaving fuel production projectThe company Biomass Cameroon (Biocam) increased, this past September, its capital from FCfa 10 to 713 million, we learned in a legal notice. This capital increase operation, we learned, was done first by offsetting claims (FCfa 159 million), then cash release (FCfa 553.8 million). This equity strengthening at Biocam is a good sign for the launch of its project for the construction in Cameroon, of the very first fuel production unit in the form of wood shaving. This investment estimated at approximately FCfa 2.9 billion attracted the interest of the Cameroonian government, who recently declared it eligible for the advantages provided in the April 2013 law on promoting private investment in Cameroon. As a reminder, this law grants substantial customs and tax exemptions for periods of 5 to 10 years, during the establishment as well as the production phase.

Source: CameroonWeb October 12, 2016 04:04 UTC