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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rose Petroleum Plc | LSE:ROSE | London | Ordinary Share | GB00BF44KY60 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.475 | 0.45 | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMROSE
RNS Number : 0680D
Rose Petroleum PLC
04 July 2016
Rose Petroleum plc
("Rose" or the "Company")
Rose Gypsum wins tendering process to exclusively negotiate gypsum transaction in Cuba
Following its announcement on 3 May 2016, the Company is pleased to provide an update on its Cuban activities.
The Company's wholly owned subsidiary, Rose Gypsum Limited ("Rose Gypsum"), has been participating in a competitive and exhaustive tender process to manufacture calcined gypsum, interior panels and ceiling panels and other gypsum based materials for the construction industry in Cuba.
The Board of Rose is now delighted to announce that Rose Gypsum has been selected from a number of tendering companies, to exclusively proceed into the next stage of the process which is the detailed negotiations phase.
Rose Gypsum has been selected on the grounds of its technical and professional expertise, following its negotiations with both Empresa Materiales De Construccion Ciego de Avila ("EMC"), the local state company responsible for the project and the Cuban Ministry of Construction ("MICONS"). The commencement of negotiations is scheduled to take place in Cuba in July. Rose Gypsum is negotiating to become the joint operator, distributor and manufacturer on the project.
The negotiation process will be exclusively between EMC and Rose Gypsum, and although there is no guarantee that a deal will be completed, this is a very significant achievement and milestone for Rose in Cuba.
If Rose Gypsum is successful in completing the deal, it would become the sole manufacturer of gypsum related products operating in Cuba. Rose Gypsum will be well positioned to meet the domestic demand in these products, driven by the significant growth in tourism and construction. This opportunity will be further enhanced by any future lifting of current trade embargoes.
Matthew Idiens, CEO commented "I am delighted with the progress we have made and I'm extremely excited about the opportunity we have to be involved in the rapidly expanding construction industry in Cuba and the redevelopment of the country. I am looking forward to the next phase of the negotiations and hope that we can conclude a successful transaction.
"With all the ongoing turmoil in both Europe and the oil market, I believe this opportunity would add significant value to our asset portfolio."
For further information, please contact:
Rose Petroleum Tel: +44 (0) Matthew Idiens plc 20 7225 4595 (CEO) Tel: +44 (0) Chris Eadie (CFO) 20 7225 4599 ------------------- ------------------ --------------- Jeremy Porter / Allenby Capital Tel: +44 (0) Richard Short 20 3328 5656 Graham Herring IFC Advisory Tel: +44 (0) / Tim Metcalfe 20 3053 8671 ------------------- ------------------ ---------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
July 04, 2016 02:00 ET (06:00 GMT)
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