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Courtesy photo of Obtala Resources (File photo)
Investment bank VSA Capital has made a ‘buy’ recommendation on the shares of the Obtala group, which holds forestry concessions in Mozambique, for up to 36 pence per share, roughly double the current price of 17.5 pence, the group said in a statement to the market.
The recommended price for each share is the result of the group’s evolution in the last quarter as well as the expected increase in turnover following the purchase of Woodbois International ApS, a lumber production and marketing company with a forestry concession in Gabon.
In its analysis report on Obtala, VSA Capital Bank noted the close relationship between its subsidiaries and the governments of the countries where it operates, as well as with intergovernmental and non-governmental organsations.
The Obtala group, through its forestry subsidiary Argento Limited, purchased 100% of Woodbois’ capital, which includes land, fixed capital, inventory and the forestry concession in Gabon.
The Obtala group, based in Guernsey, has 10 forest concessions in Mozambique covering an area of 120,000 hectares.
VSA Capital is a London-based investment bank that provides financial services to companies involved in the exploration of natural resources.Source: Macauhub