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Amala Foods PLC - Jersey-based food technology firm formerly known as BigDish - Says it is preparing to distribute its plant-based food products in the US and it is in talks for the acquisition of a rare earths exploration company in Africa. Amala says is undergoing a regulatory process to allow its products to be distributed in the US. "Should this be successful, management expects this to be a major market opportunity for the company," Amala notes.
In addition, Amala says that it has signed a term sheet with Terra Rara UK Ltd, which has majority interests in three rare earths projects across Angola and Uganda.
Director Aidan Bishop comments: "We also have a potential complete transformation and pivot opportunity subject to successful due diligence and future regulatory approval by the FCA with regards to a key and globally strategic arena in the Rare Earths sector.
"Rare Earths Elements are becoming a geo-politically important area given China's present dominant position on these resources. We anticipate those companies with exposure to these important assets will command ever increasing strategic premiums in future years and the opportunity to be involved in this area is very exciting."
Current stock price: 0.70 pence, up 40% on Thursday
Year-to-date change: down 44%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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