Quintis says new buyer talks 'advanced'

Sandalwood grower Quintis says negotiations "are well advanced" with a possible replacement for Shanghai Richer Link, which failed to place its expected order.

Sandalwood grower Quintis says negotiations "are well advanced" with a possible replacement for a key Chinese customer.

Quintis shares dropped about 30 per cent at the end of March when a negative report from activist investor group Glaucus prompted the company to say it was looking for an alternate buyer for 150 tonnes of wood after Shanghai Richer Link had failed to place its expected order.

"The company confirms it has selected its preferred off-take counterparty and negotiations are well advanced, however no final sales agreement has as yet been signed," Quintis said in a statement on Monday.