Woodbois inks timber off take deal in Liberia

Africa-focussed forestry and timber trading company Woodbois has entered into a memorandum of understanding with an unnamed, “leading” West African timber supplier to offtake all of their timber production in Liberia.

The AIM-traded firm said a formal offtake agreement was expected to be entered into in January 2020.

Under the terms of the memorandum, Woodbois would have exclusive right of first refusal to purchase.

The formal offtake agreement is expected to generate material additional trading revenue for the group in 2020, the board said, with scope to increase as the agreement developed.

It said the memorandum would automatically renew on 31st December 2020, unless otherwise agreed, with either party able to terminate it at one month’s notice.

“This agreement will allow us to further diversify the products we offer to our broad customer base,” said chief executive officer 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.”

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About Cholo Brooks 11083 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.