Press release 2022-01-05
Scale-up company Eternali signs +1bn SEK LOI
Skogsaktiebolaget Eternali (publ) has signed a Letter of Intent (LOI) with the two independent European paper and pulp companies Navigator and Altri regarding delivery of 2.5 million cubic meters of eucalyptus timber for pulp.
- The timing of the LOI could not be better as Eternali has just closed a share issue, which was over-subscribed, why I am particularly proud to announce this commercial leap forward to new and existing shareholders, says Andreas Forssell, CEO.
The total volume of 2.5 million cubic meters of eucalyptus timber relates to continuous deliveries during approximately four years and will be further defined in a future purchase agreement.
- We are happy to reach this point of further defining our business relationship, after discussing about one year with both Navigator and Altri. The total order value is estimated to be 190MUSD, equivalent to 1.7 billion SEK, comments Andreas Forssell, CEO.
The eucalyptus timber which is sustainably sourced by Eternali in Brazil is to be delivered to port in Brazil where the buyers assume responsibility (so called FOB terms) and a first delivery is planned within the next few months.
- This is a first big step in Eternali’s ambitious plan of building a large and profitable wood commodity company and highlights the increased demand in the European market for wood, comments Gustavo Silveira, Chairman.
Navigator (The Navigator Company) is a Portugese company listed on Euronext Lisbon with a Market Cap of +2B EUR. The Navigator share forms part of the PSI 20 index.
Altri (Altri SGPS S.A.) is a Portugese company listed on Euronext Lisbon with a Market Cap of +1B EUR.
Eternali (Skogsaktiebolaget Eternali) is a Swedish company with the aim of seeking a listing on Nasdaq First North in spring 2022 in connexion with the deliveries. Eternali is a wood commodity company focussed on the delivery of sustainable wood from Brazil to Europe.
For more information please contact:
Andreas Forssell, CEO
phone: +46 76 015 15 95