Obtala Resources Limited Agricultural Business Update (7453D)
12 July 2016 - 4:00PM
UK Regulatory
TIDMOBT
RNS Number : 7453D
Obtala Resources Limited
12 July 2016
12 July 2016
Obtala Resources Limited
("Obtala", the "Group" or the "Company")
(AIM: OBT)
Agricultural Business Update
Obtala Resources Limited (AIM:OBT), the African focused
agricultural and forestry business, today announces a Sales Agency
Agreement ("Agreement")_for its agricultural business.
Earlier this year the Company entered into a Joint Venture
Agreement with an Asia based trading company; Basic Materials
Limited ("BML") to market and sell our timber products out of
Mozambique. Due to the success of this forestry partnership both
parties have entered into the additional Agreement in respect of
the Company's agricultural produce. With all the necessary
certifications secured and an improved ability to provide
consistent supply of export quality produce, the building out of
the sales and distribution capability is an area of significant
focus for the company.
This Agreement supplements our current fruit and vegetable
off-take agreement announced 6(th) November 2015. BML has strong
business links in Asia where it will start to market our
produce.
Miles Pelham, Chairman of Obtala commented, "This agreement
marks an exciting development for our agriculture business. We have
invested significantly in recent years to ensure that all required
certifications were secured and that the practices, processes and
production facilities to deliver the highest quality produce for
export markets were established. Our successful forestry
partnership with BML has proved their ability to access export
markets and gives us confidence to expand that relationship into
our agricultural business. We expect this relationship to
accelerate the development our agriculture business, as it doing
with our forestry assets. The existing partnership with an
international trading company remains in place and we continue to
work with them to establish customers in the European and the
Middle Eastern markets, and we continue to assess the viability of
establishing of a banana plantation in partnership with them."
Obtala Resources
Miles Pelham - Chairman
Paul Dolan - Chief Executive
Officer +44 (0)20 7099
www.obtalaresources.com 1940
ZAI Corporate Finance Limited
(Nomad)
Peter Trevelyan-Clark
Jamie Spotswood +44 (0)20 7060
John Tracey 2220
Brandon Hill Capital (Broker) +44 (0)20 3463
Jonathan Evans 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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