Fox Marble Holdings PLC Marble Sales Agreement with OM Enterprises (6209T)
October 16 2017 - 2:00AM
UK Regulatory
TIDMFOX
RNS Number : 6209T
Fox Marble Holdings PLC
16 October 2017
AIM: FOX 16 October 2017
Fox Marble Holdings plc ("Fox Marble" or the "Company")
US$500,000 Received - Marble Sales Agreement with OM
Enterprises, India
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region is pleased to
confirm that is has received the advance payment of US$500,000 from
OM Enterprises ("OM"), a leading tile manufacturer and distributor
based in Kolkata, India.
As announced on the 28 September 2017, Fox Marble signed a sales
agreement with OM Enterprises, to purchase 5,000 tonnes of material
over three years. As part of the agreement, OM committed to a
US$500,000 advance payment.
OM has selected its first order of 411 tonnes of marble blocks,
which is currently being shipped to Mundra in India. OM's first
order comprises a range of Fox Marble stone, including Argento
Grigio, Illirico Selene, Breccia Paradisea and Bianco Illirico.
OM was founded by Mr Mahawar, a Kolkata based entrepreneur, as
part of his multi-sector business group. The company started as a
wholesaler for ceramic tiles in West Bengal for one of the leading
ceramic companies, specialising in the largest tiles by size,
available domestically in India. In 2013, the company was appointed
as a distributor of another fast growing ceramic company and it is
now the largest tile distributor by sales volume in West Bengal.
Recently, the company ventured into the retail segment and opened a
4,000 square foot showroom at a prime location of Kolkata.
Commenting on the recent agreement with Fox Marble, OM's
Chairman Mr Mahawar said: "We are very excited to be part of the
Fox Marble family. With its varied and exciting product portfolio,
we expect great success in our market."
Chris Gilbert, Chief Executive of Fox Marble, said: "This latest
sales agreement underpins the progress Fox Marble is making in
increasing its global footprint as we continue to build ourselves
into a fully integrated production, processing and distribution
company of pre-eminent quality marble. We are pleased to have
received this first advance payment of US$500,000 from OM and look
forward to supplying to them over the next three years. We are
continuing our sales penetration into major marble markets such as
India thereby increasing revenues and shareholder returns."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Tel: +44 (0)
Officer 20 7380 0999
Fiona Hadfield, Finance Director Tel: +44 (0)
20 7380 0999
Cairn Financial Advisers LLP
(Nomad)
Liam Murray Tel: +44 (0)
20 7213 0880
Brandon Hill Capital (Joint
Broker)
Oliver Stansfield Tel: +44 (0)
20 3463 5000
Beaufort Securities Limited
(Joint Broker)
Elliott Hance Tel: +44 (0)
207 382 8300
Yellow Jersey
Felicity Winkles Tel: +44 (0)
Georgia Colkin 7748 843 871
Katie Bairsto Tel: +44 (0)
7825 916 715
Tel: +44 (0)
7946 424 651
Notes to Editors:
Fox Marble (AIM:FOX), is a marble production, processing and
distribution company in Kosovo and the Balkans region.
Its marble products, which includes Illyric White, Illirico
Selene, Grigio Argento and are gaining traction globally both to
international wholesale companies as well as being supplied
directly into luxury residential properties. In the UK these
include among others St George's Homes and Capital and Counties
Plc.'s Lillie Square development. In Sydney, Australia Rosso Cait,
Alexandrian White and Breccia Paradisea marble have been used in
what is expected to be Australia's most expensive property. These
sales serve to demonstrate the desirability of Fox's premium marble
products as the stone of choice in some of the most prestigious and
expensive residential developments around the world.
Fox Marble holds 40 year mining licences for six separate marble
quarries with a maiden JORC resource indicating an in-situ
valuation of approximately Euro 16.5 billion. Fox has taken three
of the six sites into production (the Drini and Maleshevë quarries,
both in Kosovo and from the Prilep Quarry in Macedonia) and
continues to increase production. Notably, Fox has access to over
300 million cubic metres (over 1bn tons) of premium quality
marble.
Marble demand continues to grow with stable pricing,
predominantly driven by the construction and real-estate
industries, on which Fox is looking to capitalise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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