Published on 24th September 2012
Craven House Capital has agreed to purchase 490 shares in Ceniako, equal to 49 per cent of Ceniako's total issued share capital, from its owner. The shares are being bought at around 2,040 euro per share, equal to a total of one million euro. Ceniako's owner will subscribe for 62.89m new ordinary shares in Craven for 1.25p per share, thereby raising the necessary one million euro. Ceniako is a Cypriot holding company, whose sole asset, held indirectly through a 100% owned Brazilian subsidiary, is 1,967 hectares of productive agricultural land with significant development potential. The transaction marks Craven's first investment in Brazil.