A share issue in the amount of 4.0 million pounds by the Obtala Limited group was transferred from Wealth Rank Ltd, a company registered in the British Virgin Islands, to Chinese trading company Jiangsu Dolphin International Trading Co. Ltd, the group said in a statement
In the statement sent to Macauhub the group also said that the terms of the deal remain the same – an issue of 20 million shares at a unit price of 20 pence – except for the completion date, which has been delayed to 30 June 2017.
This issue represents 7.2% of the current capital of the Obtala group and, when completed, Jiangsu will hold 6.7% of the new share capital, represented by 297.6 million shares.
The group also reported that it is working to fulfill a substantial order for wood from the new future stockholder, Jiangsu Dolphin International Trading Co. Ltd.
The Obtala group, based in Guernsey, has 10 forest concessions in Mozambique covering an area of 120,000 hectares. (macauhub)