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WBI Woodbois Limited

0.51
-0.025 (-4.67%)
12 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Woodbois Limited LSE:WBI London Ordinary Share GG00B4WJSD17 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.025 -4.67% 0.51 0.50 0.52 0.545 0.505 0.545 13,921,235 12:20:32
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Chem,fertlizer Minrl Mng,nec 23.11M -111.19M -0.0302 -0.17 18.8M

Woodbois Limited Mozambique Operations to be Divested

13/03/2024 7:00am

RNS Regulatory News


RNS Number : 6005G
Woodbois Limited
13 March 2024
 

13 March 2024


WOODBOIS LIMITED

 

("Woodbois", the "Group", the "Company")

 

Mozambique Operations to be Divested: Focus on Core Business in Gabon

 

Woodbois Ltd (AIM:WBI), a leading Company in the international timber industry, announces today its decision to divest its operations in Mozambique.

 

The Group has signed a Letter of Intent ("LOI") for the sale of the legal entities associated with its Mozambique operations to a local purchaser. A comprehensive sale agreement is expected to be entered into in the coming weeks.

 

After a thorough strategic evaluation and in-line with its key strategic initiatives, it has been determined that these operations in Mozambique have not and cannot contribute meaningfully to Woodbois' profitability.

 

Additionally, heightened geopolitical risks, particularly in the Cabo Delgado region, where some of its concessions are located, and the ban on exports of local wood, have further contributed to this strategic decision. 

Guido Theuns, Chair & CEO said "Woodbois remains committed to focusing on its core business in Gabon, where significant potential exists for production and revenue growth. The Company believes that by concentrating its resources and efforts in Gabon, it can better capitalise on opportunities and drive sustainable value for its shareholders.

 

The proposed divestment of our Mozambique operations aligns with our broader strategic objectives and underscores our dedication to optimizing operational efficiency and enhancing shareholder value."

 

 

 

 

 

 

Enquiries:

 

Woodbois Limited

Guido Theuns, Executive Chair & CEO

Carnel Geddes, CFO

 

+ 44 (0)20 7099 1940

 



Canaccord Genuity (Nominated Advisor and Broker)

Henry Fitzgerald-O'Connor

Harry Pardoe

+ 44 (0)20 7523 8000

 



Novum Securities (Joint Broker)

Colin Rowbury, Jon Bellis

+44 (0) 20 7399 9427

 



Axis Capital Markets Limited (Joint Broker)

Ben Tadd, Lewis Jones

+44 (0) 203 026 0449

 

About Woodbois:

Woodbois is a Guernsey-based company at the forefront of the timber industry, committed to delivering quality products and sustainable solutions. With a legacy of innovation and a vision for the future, it strives to set industry standards and exceed expectations. Please follow the Company on X: @WoodboisLtd

 

 

 

 

 

 

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