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Obtala Resources outlines strategic goals

Revenues from agriculture (bananas, melons, butternuts, and Mama Jo branded produce) are slated to grow to US$12.5mln over 4-5 years

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Obtala has big plans for bananas

Obtala Resources (LON:OBT) has issued what it admits is a broad strategic plan to grow the Africa-based agriculture, forestry and retail group.

In future, the group intends to spend between 60-75% of financial resources on reinvestment and use the remainder either to build up a buffer for possible contingencies or eventually return money to shareholders.

More specifically, African Home Stores is up for sale with talks underway with two potential buyers.

Revenues from agriculture (bananas, melons, butternuts, and Mama Jo branded produce) are slated to grow to US$12.5mln over 4-5 years and forestry to US$8mln in a similar timeframe.

Obtala has cash of US$1.1mln and no debt.

Miles Pelham, chairman, said:The confidence we have leads us to believe that ongoing re-investment of a significant portion of short and medium-term profits will generate even greater returns in addition to the Company building a cash buffer and making direct returns to shareholders. “

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