17th Jul 2014 09:10
LONDON (Alliance News) - Newly established building-materials company Fox Marble Holdings PLC Thursday said it plans to raise around GBP4.8 million by way of a placing of new shares at 18 pence per share, which it will use to acquire and develop additional quarry sites in Macedonia and Kosovo.
The company's shares were quoted up 0.4% at 17.08 pence Thursday morning.
AIM-listed Fox Marble said it also hopes to add further high quality marble to its portfolio and to enhance financial returns through improved economic terms, as a result of the placing, which was conducted by Fox Davies Capital Ltd.
"We believe this year is to be pivotal for the company, and the acquisition of these additional quarry interests represents a significant opportunity for Fox Marble," Chief Executive Chris Gilbert said in a statement.
"The potential higher margins provided by the Sivec marble and anticipated demand for Bianco Illirico, we believe, will enhance the position of the company both financially and within the global marble market," Gilbert added.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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