Eco Buildings Group PLC - London-based prefabricated modular housing products, formerly named Fox Marble Holdings PLC - Starts trading on AIM under new name in London on Friday after its reverse takeover of Eco Buildings Group Ltd. As part of the relisting, it raises £2.7 million from a placing of 4.9 million new shares at 55 pence per share. With 70.1 million shares in total, Eco Buildings has a £38.5 million market capitalisation at the placing price. The stock trades at 41.00p on Friday morning, down 25%.
The new funds will be used to expand production capacity and to meet obligations under two existing sales contracts.
Eco Buildings was founded in 2021 to buy the business and assets of Gulf Walling FZCO in Dubai, which had developed a prefabricated modular technology using glass fibre reinforced gypsum. The company relocated operations to a manufacturing facility in Albania. Fox Marble has marble and limestone quarries in Kosovo. Sanjay Bowry takes over as chief executive officer of the enlarged company from Fox Marble’s Christopher Gilbert.
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