“Pvaxx is still looking at a London listing to stabilise its finances,” says a source close to the project. “The closing of the listing has not yet been completed. When that goes ahead, things can start moving.”

Pvaxx, which plans to manufacture polyethelene-based shipping pallets at its Sohar site, announced its decision to float on LSE’s Alternative Investment Market (AIM) in January. Its admission was expected in mid-February, but is now due in late March according to documents submitted to AIM by Pvaxx. The company is already listed on the Bermuda Stock Exchange (BSX).

Pvaxx leased the land in the Sohar port industrial area in April 2005 and in the same year established a pilot production plant in Dubai. The company also has a regional office in Bahrain.

A subsidiary of Saudi Arabia's Saud Consult is understood to have signed a contract to build the Sohar plant in 2005. Pallet production in Sohar was initially expected to start in late 2005, but the company has not yet produced significant volumes of pallets.