SYDNEY, AUSTRALIA: Papyrus Australia Limited (PPY), a company that develops banana fibre technology for moulded fibre products, has announced that it has acquired the remaining stake in its joint venture Papyrus Egypt LLC (PPYEg) from Egypt Banaba Fibre Company (EBFC).

PPY will issue 15% of its shares to a new company formed by EBFC’s other shareholders, and take over all of EBFC’s shares in PPYEg. The deal is subject to an independent expert report and shareholder approval.

PPY Chairman Edward Byrt said the deal was a significant milestone for the company’s commercialisation project in Egypt, where it has the support of the Egyptian government to establish a national banana plantation waste retrieval industry. He said the deal would enable PPY to grow its revenue, profit, and intellectual property portfolio in Egypt.