REG - Eco Buildings Group - New Senegal Subsidiary with Local Partner

Eco BuildingsAnnouncement

24/04/2025 07:02

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RNS Number : 9321F  Eco Buildings Group PLC  24 April 2025

24th April 2025

Eco Buildings Group PLC

("Eco Buildings" or the "Company")

Launch of Senegalese Subsidiary with a Local Partner

 

Highlights

 

·      Eco Buildings launches a new subsidiary to focus on modular
housing in Senegal.

·      Local partner G2 Invest has pledged a €1.75M investment into
the new subsidiary to fund a new construction line.

·      Eco Buildings is in negotiation to construct an initial 10,000
homes for a Senegalese Government body.

 

Eco Buildings, a UK-listed modular construction company, is pleased to
announce that it has set up a new subsidiary Eco Buildings Senegal LLC ( "Eco
Senegal") to address the significant market opportunities for modular housing
in Senegal.

 

In order to take advantage of this opportunity Eco Buildings has entered into
a memorandum of understanding ("MOU") with a local partner G2 Invest Group
("G2 Invest"), a large Dakar-based facilities management and logistics
company, led by MD Elhadji Boudy Sarr. G2 Invest has over 2,000 staff focussed
on Real Estate and Facilities Management. G2 Invest will be responsible for
the day-to-day operations of the Eco Senegal including the set up and
operation of the manufacturing facilities.

 

To enable the rapid deployment of production capacity, G2 Invest has pledged
€1.75 million into Eco Senegal for an equity stake of 35% in the subsidiary.
It is anticipated that this investment will be received over the course of the
next 3 months.

 

The €1.75m will be used to fund the deposit and full costs associated with
the installation of the new production line in Senegal. This production line
will be delivered via Eco Buildings Group's newly appointed EPC contractor and
will provide the necessary scale for broader housing delivery as required.

 

 

 

All costs and expenses and cashflows are to be shared between Eco and G2
Invest.

 

Sanjay Bowry, Chief Executive Officer of Eco Buildings Group plc, commented:

 

"The setting up of Eco Senegal with G2 Invest demonstrates the increasing
global demand for our GFRG modular housing solutions and the effectiveness of
our international expansion strategy. Senegal is a geographic region that we
have been focussing on as it has significant potential. The MOU with G2 Invest
is a material step forward in realising the potential for Eco Buildings in
delivering revenues and cashflows.  The Directors believe that G2 Invest has
the local contacts and expertise to ensure the opportunities are effectively
exploited.  G2 Invest's decision to invest €1.75m in Eco Senegal
demonstrates both the scale of the opportunity and their commitment  to its
success."

 

Elhadji Boudy Sarr, Managing Director of G2 Invest Group SARL commented

 

"This partnership reflects our shared commitment to sustainable development
and inclusive housing. With Eco Buildings' innovative technology and our deep
local roots, we aim to transform the construction landscape in Senegal and
beyond."

 

The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.

 

 

 

About Eco Buildings Group plc

Eco Buildings is a leading innovator in prefabricated, green housing products,
leveraging proven technology based on GFRG panels. Our modular housing
solutions cater to both affordable and high-end housing markets, combining
cost efficiency, speed of construction, and sustainability. With a growing
portfolio of international projects, Eco Buildings is dedicated to redefining
construction for the future.

Further information is available on Eco Buildings
website: www.eco-buildings.net (http://www.eco-buildings.net/)

 

 

 

For more information contact:

 Eco Buildings Group plc                               Tel: +44 (0) 207 380 0999

 Sanjay Bowry, Chief Executive Officer

 Fiona Hadfield, Finance Director

 Spark Advisory Partners Limited (Nominated Adviser)   Tel:  +44 (0) 203 368 3550

 Matt Davis / James Keeshan
 Tavira Securities Limited (Broker)                    Tel:  +44 (0) 203 192 1739

 Oliver Stansfield / Jonathan Evans

 

Notes

The Company has acquired proven and innovative prefabricated technology which
has been in development and commercial use since 2006. Eco Buildings' range of
prefabricated, green housing products based on glass fibre reinforced gypsum
walls ("GFRG") provides a construction solution for both affordable and
high-end housing.

Eco Buildings has already secured two sales contracts with major construction
companies, one in Albania, the other in Kosovo, which are expected to generate
gross sales revenue of approximately up to €38 million in total per annum
over the first three years (approximately €114 million in total) following
Admission.

The market share for factory-based building technology is expected to grow
significantly over the coming years as private developers and the public
sector seek to address the substantial and growing deficit in housing stock
and issues of construction cost, speed and quality and housing affordability.

 

 

 

 

 

 

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