FSC-certified tropical timber supplier Precious Woods says it has successfully concluded talks with banks on mid-term refinancing of the company.
The new agreement contains continuation of existing credit lines, as well as restructuring of existing loans.
Precious Woods’ directors have also initiated a comprehensive action plan to improve the group’s market position and profitability in 2010, but they said market conditions remained demanding.
The group, which supplies sawn hardwood timber, poles and industrialised products from Brazil, also said its Gabon operation was well on its way to becoming fully FSC-certified.
Subsidiary TGI, which has a veneer factory in Libreville, successfully passed an audit of the FSC accreditation programme and expects to receive certification during December.
