Eco Buildings Group PLC (AIM:ECOB) shares were up in Tuesday morning's trade after the modular homes firm announced that its Senegal joint venture with G2 Invest Group has moved into the execution phase, with the first 5,000 homes formally allocated to the partnership.
The JV, Eco Buildings Senegal Limited, will use the company’s proprietary modular systems to deliver around 900,000 square metres of housing. A €1.75 million initial payment from G2 Invest is expected in December.
Planning approvals for the first phase are targeted before year-end, enabling immediate site works and factory deployment. The project follows the signing of a binding shareholders’ agreement and builds on a previously announced framework for 10,000 homes.
"This joint venture has now moved decisively from agreement to action," said executive vice chair Dr Etrur Albani.
"This first phase not only represents a significant revenue pipeline in its own right, but also establishes a strategic operational base from which Eco Buildings intends to replicate its modular housing model across other West African markets."
In London, Eco Building shares were up close to 9% changing hands at 4.46p.