(Ecofin Agency) - Following deliberations last July 25, the African Biofuel and Renewable Energy Company (ABREC) recently increased its capital by CFA182 million.

In detail, Togo First learns, 182 new shares with a nominal value of one million were issued to this end. According to the document disclosing the information, the shares have been fully subscribed by legal entities with preferential subscription rights, proportionally to receivables they own in the company.

With the capital increase operation, ABREC’s capital is now valued at two billion and one million CFA. With this, the company should be able to better fulfill its goals.

Launched in 2009, ABREC is a Lomé-based Company that works to promote renewable energy and energy-efficient technologies, to help mitigate climate change in Africa near West African countries.

Séna Akoda