REG - Woodbois Limited - Mozambique Operations to be Divested

WoodboisAnnouncement

13/03/2024 07:00

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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                + 44 (0)20 7099 1940

 Carnel Geddes, CFO

 Canaccord Genuity (Nominated Advisor and Broker)   + 44 (0)20 7523 8000

 Henry Fitzgerald-O'Connor

 Harry Pardoe

 Novum Securities (Joint Broker)                    +44 (0) 20 7399 9427

 Colin Rowbury, Jon Bellis

 Axis Capital Markets Limited (Joint Broker)        +44 (0) 203 026 0449

 Ben Tadd, Lewis Jones

 

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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