9th Aug 2021 15:48
Woodbois Ltd - Guernsey-based timber trader - Acquires additional 71,000 hectares of forest in Gabon for USD1.5 million, which will increase the company's forest by 75% to around 166,000 hectares.
In May, Woodbois had announced plans to raise GBP5 million, part of which would go towards acquiring 56,000 hectares close to its existing forests in Mimongo. The purchase was increased to 71,000 hectares.
"I am delighted that our team in Gabon has been able to successfully complete this strategically important acquisition, utilising part of the proceeds of the May equity raise. This additional hectarage, which is located within 100km of our manufacturing base in Mouila, will provide the increased levels of sustainably harvested timber required as additional production capacity comes online at our sawmill and veneer factory over the next eighteen months, in turn generating additional employment opportunities for the local community," said Chair and CEO Paul Dolan.
Current stock price: 4.96 pence, up 5.5%
Year-to-date change: up 55%
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Woodbois