Symphony Environmental Technologies PLC (AIM:SYM) shares jumped over 7% on Tuesday morning after the firm hailed a ban on non-biodegradable plastic bags in Yemen.
Under the rules, manufacturers will only be allowed to produce oxo-biodegradable plastic bags or risk losing their licences, after the legislation was initially passed in 2010.
Symphony Environmental, an AIM-listed developer of biodegradable plastic technology, welcomed the news, adding it is working closely with the Yemeni government to support the initiative.
“This is a very positive step forward for our d2w biodegradable plastic technology in one of the largest plastic-producing and consuming areas in the Middle East,” CEO Michael Laurier said.
Shares jumped 7.14% to 7.50p on the news.