Joint Venture Agreement
Fox Marble Holdings plc
(“Fox Marble” or the “Company”)
Fox Marble, the AIM listed marble production company with operations in Kosovo and the Balkans, announces that it has signed a joint venture agreement with Al Bab Al Mumtaz Group in the United Arab Emirates.
Al Bab Al Mumtaz Group is a wholesaler of flooring solutions to customers in the UAE and MENA region with turnover in the region of AED 100m (circa €23 million) and has 27 retail outlets across the UAE, the Sultanate of Oman and Rwanda. Al Bab Al Mumtaz Group operate three warehouses in Sajaa, UAE all of which can accommodate over 200,000 sqm of materials at any given time.
Al Bab Al Mumtaz Group was established in 2006 by Ibrahim Kutty. The company supplies a wide variety of marble, granites, ceramic, vinyl, carpet parquet and other natural stones from sources from all over the world.
Under the agreement it is anticipated that Fox Marble will supply Al Bab Al Mumtaz Group with marble tiles and slabs processed in its factory in Kosovo, for sale via its range of outlets in the region. The arrangement is expected to generate revenue in the region of AED 2m (€0.50m) in its first year of operation of 2022 and AED 4m (€0.95m) in 2023.
Chris Gilbert, CEO, commented:
“This agreement is the product of long-term efforts to develop relationships within this region. We look forward to a successful and productive relationship for both our companies, providing a solid footing for Fox Marble products in the region. “
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310. The Directors of the Company are responsible for the release of this announcement.
Ends
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
Quatro PR
Gary Pleasants
Tel: +44 (0)207 566 7963/+44 (0)7966 487 739
Mark Herbert
Tel: +44 (0)7770 381608
Brandon Hill (Joint Broker)
Oliver Stansfield
Tel: +44 (0)20 3463 5000
Allenby Capital (Joint Broker)
Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
Tel: +44 (0)20 3394 2973
Cairn Financial Advisers (Nomad)
Sandy Jamieson/Liam Murray/Ludovico Lazzaretti
Tel: +44 (0)20 7213 0880
Notes to Editors
Fox Marble (AIM: FOX) is a marble production, processing and distribution company with operations in Kosovo and the Balkans.
Its marble products, which include Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argent, are gaining sales globally to wholesale companies and directly to luxury residential properties. In the UK these include St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia, Rosso Cait, Alexandrian White and Breccia Paradisea have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors