Jatoil cancels Indonesian JV

Australia’s Jatoil Ltd. announced that it will cancel a joint venture (JV) agreement with PT Biodiesel AustIndo (BA), with which it had agreed to develop a jatropha plantation in Indonesia. The company did not give a reason for the reversal. The move would allow both parties to reverse their 2008 transaction—Jatoil gave 20 million company shares to BA and received a 50% stake in BA’s plantation in return. Jatoil will buy back its shares and will subsequently cancel the 20 million shares. The Australian Stock Exchange has granted Jatoil a waiver from Listing Rule 9.7 to allow the company to amend the restriction agreements so that the shareholders can buy back and cancel their shares. (May 12, 2009)