03 May Rose Petroleum raises cash for expansion into Cuba
Rose Petroleum (AIM:ROSE) announced it has raised £800,000 to fund expansion into Cuba.
The natural resources company is using the money to develop near term opportunities around the processing and manufacturing of gypsum and associated materials.
Rose has already held talks with a Cuban government-owned company which has extensive gypsum resources and reserves.
“The overall economic and political changes afoot in Cuba present a significant opportunity, with direct foreign investment now being a priority to realise the anticipated growth,” said Rose CEO Matthew Idiens.
“In the tourism industry alone the planned expansion of hotel developments from both domestic and international brands is considerable. Rose could be well positioned to benefit from this should we successfully complete our negotiations.”
Cuba is expected to see significant growth in international investment after the US restored diplomatic relations last year.
A US cruise ship docked in Cuba’s capital Havana for the first time in 50 years yesterday.