Siva moves to 19.9% through Olea placement

Perth-based olive oil company Olea Australis Ltd has made a further placement to Siva Ltd to raise an additional $644,480, increasing Siva's interest to 19.99 per cent in the company.
Olea Australis' managing director Tony Sparks said the proceeds of the additional placement would assist in current and planned capital projects to expand infrastructure and operating capacity to meet the increasing levels of olive oil production as well as provide additional working capital.
"A portion of the additional working capital will be used to re-focus the marketing to a more targeted approach from which the company expects to have a direct increase in sales and reinforce the brand awareness for both branded and bulk products," Mr Sparks said.
"The additional working capital will also allow the identification and evaluation of other olive oil and corporate opportunities that may arise.
"With the financial support provided by Siva along with the strong base in the Dandaragan operations, the resulting quality of our extra virgin olive oil, the establishment of relationships with key bulk buyers, and the expansion of infrastructure and operating capacity, the Olea Australis Group intends to achieve its goal of an on going sustainable business that is a long-term participant in the continued growth of extra virgin olive oil in Australia and throughout the world. "
Siva is an investment and holding company associated with C Sivasankaran who is chairman of the Sterling Group of Companies based in Chennai, India - a diversified business conglomerate with interests in Telecommunications, Internet services, Agri Exports, Broadcasting, Coffee vending, Coffee chain and a certified wellness business.
In September Siva became a substantial shareholder in Olea Australis with a relevant interest of 35,229,290 ordinary shares (13 per cent).