AIM: FOX 16 October 2017
Fox Marble Holdings plc (“Fox Marble” or the “Company”)
US$500,000 Received – Marble Sales Agreement with OM Enterprises, India
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to confirm that is has received the advance payment of US$500,000 from OM Enterprises (“OM”), a leading tile manufacturer and distributor based in Kolkata, India.
As announced on the 28 September 2017, Fox Marble signed a sales agreement with OM Enterprises, to purchase 5,000 tonnes of material over three years. As part of the agreement, OM committed to a US$500,000 advance payment.
OM has selected its first order of 411 tonnes of marble blocks, which is currently being shipped to Mundra in India. OM’s first order comprises a range of Fox Marble stone, including Argento Grigio, Illirico Selene, Breccia Paradisea and Bianco Illirico.
OM was founded by Mr Mahawar, a Kolkata based entrepreneur, as part of his multi-sector business group. The company started as a wholesaler for ceramic tiles in West Bengal for one of the leading ceramic companies, specialising in the largest tiles by size, available domestically in India. In 2013, the company was appointed as a distributor of another fast growing ceramic company and it is now the largest tile distributor by sales volume in West Bengal. Recently, the company ventured into the retail segment and opened a 4,000 square foot showroom at a prime location of Kolkata.
Commenting on the recent agreement with Fox Marble, OM’s Chairman Mr Mahawar said: “We are very excited to be part of the Fox Marble family. With its varied and exciting product portfolio, we expect great success in our market.”
Chris Gilbert, Chief Executive of Fox Marble, said: “This latest sales agreement underpins the progress Fox Marble is making in increasing its global footprint as we continue to build ourselves into a fully integrated production, processing and distribution company of pre-eminent quality marble. We are delighted to have received this first advance payment of US$500,000 from OM and look forward to supplying to them over the next three years. We are looking to continue our sales penetration into major marble markets such as India and thereby enhancing revenues and shareholder returns.”
For more information on Fox Marble please visit www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Tel: +44 (0) 20 7380 0999
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999
Cairn Financial Advisers LLP (Nomad)
Tel: +44 (0) 20 7213 0880
Brandon Hill Capital (Joint Broker)
Tel: +44 (0) 20 3463 5000
Beaufort Securities Limited (Joint Broker)
Tel: +44 (0) 207 382 8300
Tel: +44 (0) 7748 843 871
Tel: +44 (0) 7825 916 715
Tel: +44 (0) 7946 424 651
Notes to Editors:
Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.
Its marble products, which includes Illyric White, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc.’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.
Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.
Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.