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Woodbois higher as it inks offtake agreement for Liberian timber production

The agreement, which is expected to be formalised in January, will generate “material additional trading revenue” for the forestry firm

Woodbois Limited - Woodbois inks offtake agreement for Liberian timber production

Woodbois Limited (LON:WBI) rose on Friday as it signed an offtake agreement with a West African timber supplier for all of its production in Liberia.

The forestry group said the agreement, which is expected to be formalised in January, will generate “material additional trading revenue” and will have scope for increases.

READ: Woodbois converts subsidiary prefs to improve transparency

The memorandum of understanding will automatically renew at the end of next year unless otherwise agreed, and can be terminated with one month’s notice.

"This agreement will allow us to further diversify the products we offer to our broad customer base”, said Woodbois chief executive Paul Dolan.

“We are delighted that the organisation with whom we have partnered in Liberia, has recognised the advantages of supplying through the Woodbois brand."

The shares jumped 4.1% to 6.3p in early trading.

--Adds share price--

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Price: 2.91 GBX

LSE:WBI
Market: LSE
Market Cap: £13.67 m
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