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In page Malabo:

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In 1472, in an attempt to find a new route to India, the Portuguese navigator Fernão do Pó, encountered the island of Bioko, which he called Formosa.[1] Later, the island was named after its discoverer, Fernando Pó. At the beginning of the 16th century, specifically in 1507, the Portuguese Ramos de Esquivel made a first attempt at colonization on the island of Fernando Pó. He established a factory in Concepción (now Riaba) and developed plantations of sugarcane.[citation needed]