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Obtala raises US$2mln from forestry arm investment

There were 6 investors who were a mix of high-net worths as well as further management and significant shareholder investments

dollars
Six investors put up the money

Obtala Limited (LON:OBt) has raised US$2mln from a further and final subscription for preference shares in the Africa-focused group’s 75% owned forestry subsidiary, Argento Limited.

The funding is line with terms announced in December last year and will see 6,000 additional Argento Preference shares issued at a price of US$350 each, bringing the total in issue to 75,000 which is the maximum number of Preference Shares permitted for issue. 

READ: Obtala sees 'supercycle' ahead for forestry and agriculture

There were 6 investors who were a mix of high-net worths as well as further management and significant shareholder investments.

Obtala is currently boosting production through sawmills in Gabon and also Mozambique, where a new 100m3 (cubic metre) sawmill will come on stream by the end of the year.

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