OJSC PHOSAGRO: PhosAgro Completes Consolidation of 100% of Apatit
OJSC PHOSAGRO: PhosAgro Completes Consolidation of 100% of Apatit For Immediate Release 27 August 2013
PhosAgro Completes Consolidation of 100% of Apatit
Moscow - PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that it has consolidated 100% of OJSC Apatit shares.
PhosAgro has now completed all procedures related to the squeeze-out, which was launched on 17 April 2013, at a total cost of RUB 1.99 billion.
In addition to the squeeze-out, PhosAgro purchased 76% of Nordic Rus Holding, which owns 7.4% of Apatit (617,430 ordinary shares), for USD 141.92 million, which is equivalent to the price offered under the squeeze-out plus the value of other assets held by Nordic Rus Holding (over USD 50 million). PhosAgro had earlier purchased 24% of Nordic Rus Holding in 2012.
PhosAgro CEO Andrey A. Guryev said: "The consolidation of our core mining asset is an important step towards achieving PhosAgro's strategy of organic growth. It should make our Company more attractive to investors and support shareholder value, as well as increase profits and dividend payments attributable to the shareholders of PhosAgro."
For further information please contact:
OJSC PhosAgro Irina Evstigneeva, Head of Corporate Finance and Investor Relations email@example.com +7 495 231 3115
Timur Belov, Press Officer +7 495 232 9689
EM Sam VanDerlip firstname.lastname@example.org +44 7554 993 032 +7 916 306 6112
Notes to Editors
PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%), as well as ammonia and nitrogen-based fertilizers. The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest MAP/DAP producer in the world (excluding China), according to Fertecon.
PhosAgro has 2.1 billion tonnes of resources (according to JORC as of 1 June 2011) of high quality apatite-nepheline ore, representing over 75 years of production (at current production levels). The Company also controls substantial Al2O3 resources, and has more than 41% of Russia's rare earth oxides resources.
The Company's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertilizer and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's 2012 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.1 bln. The С ompany's net debt/EBITDA ratio was 0.77 at 31 December 2012.
For further information on PhosAgro please visit: www.PhosAgro.com
-0- Aug/27/2013 13:45 GMT