18th Sep 2013 09:03
LONDON (Alliance News) - Obtala Resources Limited said Wednesday that it had signed an agreement with Lesotho National Development Corporation to manage and operate a fruit and vegetable cannery in the Kingdom of Lesotho.
A new holding company will be registered in Lesotho in which Obtala will hold a 70% interest, with LNDC holding the remaining 30%. The agreement is expected to be finalised in October, when work will also begin to identify suitable land to grow crops that could supply the cannery.
LNDC is owned by the government of Lesotho. It is currently in the process of re-structuring the cannery and its holding company, and will transfer these assets to the new holding company for April 1 2014.
Shares in Obtala Resources, which is a mineral exploration and investment company, were trading flat at 6.75 pence Wednesday morning, down 0.25p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Obtala Resources Ltd