(Alliance News) - Woodbois Ltd on Monday said it has inked a USD5 million trade finance facility with a Dubai family office.
Woodbois called the deal an "important milestone", which is a strategic part of the company's broader plan to enhance its trading activities and expedite its growth trajectory.
Under the terms of the agreement, Woodbois will repay the loan by 2027 and pay interest at a rate of 9.5%.
"This is an exciting time for the group as we secure this USD5 million trade finance facility with a family office that shares our vision for sustainable growth. Whilst it has taken some time to find the right partner, we firmly believe that this relationship will further strengthen in time," said Chair & Chief Executive Guido Theuns.
"This facility not only reinforces our financial stability but also enhances our ability to capitalise on market opportunities more swiftly and efficiently than currently."
Shares in Woodbois were down 2.3% to 0.44 pence each in London on Monday around midday.
By Sophie Rose, Alliance News senior reporter
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Woodbois (WBI)