Woodbois, the Africa-focused forestry and timber company, experienced a decline in its share price on Wednesday as it closely monitors the situation in Gabon. Reports indicate that the military has seized control of the government in a coup.
At 0826 GMT, Woodbois shares were down 16% at 0.57 pence.
The company acknowledges recent reports of government instability in Gabon and notes that its facilities, located in the country, are currently affected. Production at its Mouila facilities in the south of Gabon has been temporarily suspended to allow its workers to participate in the national election held on Saturday.
Woodbois assures stakeholders that it will closely monitor the situation and provide updates should there be any significant delays in resuming production or any other material impact on the company's operations in Gabon.
Following the unexpected termination of banking facilities earlier this year, Woodbois underwent a refinancing process in June. This allowed the company to rebuild its operational activities at the facilities, as production had been curtailed in the second quarter to preserve funds.
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