Fox Marble Holdings PLC Marble Sales Agreement with OM Enterprises (6209T)

TIDMFOX

RNS Number : 6209T

Fox Marble Holdings PLC

16 October 2017

AIM: FOX 16 October 2017

Fox Marble Holdings plc ("Fox Marble" or the "Company")

US$500,000 Received - Marble Sales Agreement with OM Enterprises, India

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to confirm that is has received the advance payment of US$500,000 from OM Enterprises ("OM"), a leading tile manufacturer and distributor based in Kolkata, India.

As announced on the 28 September 2017, Fox Marble signed a sales agreement with OM Enterprises, to purchase 5,000 tonnes of material over three years. As part of the agreement, OM committed to a US$500,000 advance payment.

OM has selected its first order of 411 tonnes of marble blocks, which is currently being shipped to Mundra in India. OM's first order comprises a range of Fox Marble stone, including Argento Grigio, Illirico Selene, Breccia Paradisea and Bianco Illirico.

OM was founded by Mr Mahawar, a Kolkata based entrepreneur, as part of his multi-sector business group. The company started as a wholesaler for ceramic tiles in West Bengal for one of the leading ceramic companies, specialising in the largest tiles by size, available domestically in India. In 2013, the company was appointed as a distributor of another fast growing ceramic company and it is now the largest tile distributor by sales volume in West Bengal. Recently, the company ventured into the retail segment and opened a 4,000 square foot showroom at a prime location of Kolkata.

Commenting on the recent agreement with Fox Marble, OM's Chairman Mr Mahawar said: "We are very excited to be part of the Fox Marble family. With its varied and exciting product portfolio, we expect great success in our market."

Chris Gilbert, Chief Executive of Fox Marble, said: "This latest sales agreement underpins the progress Fox Marble is making in increasing its global footprint as we continue to build ourselves into a fully integrated production, processing and distribution company of pre-eminent quality marble. We are pleased to have received this first advance payment of US$500,000 from OM and look forward to supplying to them over the next three years. We are continuing our sales penetration into major marble markets such as India thereby increasing revenues and shareholder returns."

For more information on Fox Marble please visit www.foxmarble.net or contact:

 
 Fox Marble Holdings plc 
 Chris Gilbert, Chief Executive     Tel: +44 (0) 
  Officer                            20 7380 0999 
 Fiona Hadfield, Finance Director   Tel: +44 (0) 
                                     20 7380 0999 
  Cairn Financial Advisers LLP 
   (Nomad) 
 Liam Murray                        Tel: +44 (0) 
                                     20 7213 0880 
 
 Brandon Hill Capital (Joint 
  Broker) 
 Oliver Stansfield                  Tel: +44 (0) 
                                     20 3463 5000 
 Beaufort Securities Limited 
  (Joint Broker) 
 Elliott Hance                      Tel: +44 (0) 
                                     207 382 8300 
 Yellow Jersey 
 Felicity Winkles                   Tel: +44 (0) 
  Georgia Colkin                     7748 843 871 
  Katie Bairsto                      Tel: +44 (0) 
                                     7825 916 715 
                                     Tel: +44 (0) 
                                     7946 424 651 
 
 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.

Its marble products, which includes Illyric White, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc.'s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive property. These sales serve to demonstrate the desirability of Fox's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 16, 2017 02:00 ET (06:00 GMT)