Colombian Biofuel Launches Private Raise

Biomax Biocombustibles, a Colombian biofuels producer, plans to launch a private share subscription today to raise up to COP104bn ($56m), it says. In a process open to existing shareholders, Biomax is offering 82m shares at COP1267.61 each, as it aims to increase capital by 77.30%. The offer closes November 25, according to a company official. Proceeds will go toward general corporate purposes and to expand operations. No bank is managing the process, the official says.