The Obtala group, which owns forestry concessions in Mozambique, has bought Woodbois International ApS, a lumber production and marketing company, the group said in a statement released on Wednesday.
The Obtala group, based in Guernsey, has 10 forest concessions in Mozambique covering an area of 120,000 hectares.
The purchase of Woodbois International ApS, which owns a forestry concession in Gabon, was made through Argento Limited, a 75% subsidiary of the group, which paid US$14.8 million for the company.
The statement added that the deal involves the purchase of 100% of Woodbois’ capital, including land, fixed capital, inventory and the forestry concession in Gabon, with the objective of immediately increasing production of lumber, sawed wood and veneers.
Following this purchase, which should be completed on 30 June, Align Research added 13.4 GBp to the previous recommendation to purchase the group’s shares of up to 30.52 GBp. (macauhub)