IN BRIEF: Eco Buildings celebrates "significant" Gambia framework
Eco Buildings Group PLC - London-based designer, manufacturer and builder of modular housing - Enters binding strategic investment agreement with Lumen Holdings Ltd, and The Gambia's ministries of interior and defence, to establish "the Eco Buildings West Africa AI-Powered Centre of Excellence", making The Gambia Eco Buildings' West African headquarters. Company says the deal "creates the formal framework for what the board considers to be the most significant international development in Eco's history to date." It will establish Eco Buildings Gambia Ltd, which will be responsible for the implementation, manufacture, engineering, technology transfer and operation of the project. "The detailed investment, financing, shareholder and other implementation arrangements are to be agreed separately," Eco Buildings adds, while Lumen's formal role "is evolving and will be formally defined in due course." Agreement includes a minimum 10,000-home housing programme, including an initial phase and minimum order of 1,000 homes. Eco Buildings says the framework "materially strengthens Eco's ability to demonstrate the scalability of its technology-led housing model internationally, provides a blueprint for future sovereign and regional partnerships, and will increase [annual recurring revenue], providing...a new predictable annual revenue stream."
"Today marks a defining moment in Eco's development," comments Founder & Executive Vice Chair Etrur Albani. "This is not just an agreement to supply homes and it is not simply an agreement to build a factory. It establishes the framework for Eco to become a long-term strategic industrial partner to the government of The Gambia...We believe this is the strongest validation yet of Eco's evolution from [a modern methods of construction] producer into a technology-led housing manufacturing platform."
Current stock price: 9.30 pence, down 6.1% on Monday in London, after opening 3.0% higher
12-month change: more than doubled from 4.05p
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