Fox Marble Holdings PLC Joint Venture Agreement (1318R)
03 November 2021 - 6:00PM
UK Regulatory
TIDMFOX
RNS Number : 1318R
Fox Marble Holdings PLC
03 November 2021
3 November 2021
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Joint Venture Agreement
Fox Marble, the AIM listed marble production company with
operations in Kosovo and the Balkans, announces that it has signed
a joint venture agreement with Al Bab Al Mumtaz Group in the United
Arab Emirates.
Al Bab Al Mumtaz Group is a wholesaler of flooring solutions to
customers in the UAE and MENA region with turnover in the region of
AED 100m (circa EUR23 million) and has 27 retail outlets across the
UAE, the Sultanate of Oman and Rwanda. Al Bab Al Mumtaz Group
operate three warehouses in Sajaa, UAE all of which can accommodate
over 200,000 sqm of materials at any given time.
Al Bab Al Mumtaz Group was established in 2006 by Ibrahim Kutty.
The company supplies a wide variety of marble, granites, ceramic,
vinyl, carpet parquet and other natural stones from sources from
all over the world.
Under the agreement it is anticipated that Fox Marble will
supply Al Bab Al Mumtaz Group with marble tiles and slabs processed
in its factory in Kosovo, for sale via its range of outlets in the
region. The arrangement is expected to generate revenue in the
region of AED 2m (EUR0.50m) in its first year of operation of 2022
and AED 4m (EUR0.95m) in 2023.
Chris Gilbert, CEO, commented: "This agreement is the product of
long-term efforts to develop relationships within this region. We
look forward to a successful and productive relationship for both
our companies, providing a solid footing for Fox Marble products in
the region. "
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (amendment) (EU exit)
Regulations 2019/310. The Directors of the Company are responsible
for the release of this announcement.
Ends
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Tel: +44 (0)20 7380 0999
Fiona Hadfield, Finance Director
Tel: +44 (0)20 7380 0999
Quatro PR
Gary Pleasants
Tel: +44 (0)207 566 7963/+44 (0)7966 487 739
Mark Herbert
Tel: +44 (0)7770 381608
Brandon Hill (Joint Broker)
Oliver Stansfield
Tel: +44 (0)20 3463 5000
Allenby Capital (Joint Broker)
Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
Tel: +44 (0)20 3394 2973
Cairn Financial Advisers (Nomad)
Sandy Jamieson/Liam Murray/Ludovico Lazzaretti
Tel: +44 (0)20 7213 0880
Notes to Editors
Fox Marble (AIM: FOX) is a marble production, processing and
distribution company with operations in Kosovo and the Balkans.
Its marble products, which include Alexandrian Blue, Alexandrian
White, Breccia Paradisea, Etruscan gold and Grigio Argent, are
gaining sales globally to wholesale companies and directly to
luxury residential properties. In the UK these include St George's
Homes and Capital and Counties Plc's Lillie Square development. In
Sydney, Australia, Rosso Cait, Alexandrian White and Breccia
Paradisea have been used in what is expected to be Australia's most
expensive residential property. These sales serve to demonstrate
the desirability of Fox Marble's premium marble products as the
stone of choice in some of the most prestigious and expensive
residential developments around the world.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors
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