Coromandel Intl acquires 45% stake in Baobab Mining & Chemicals Corporation for $19.6 m by admin- Friday, May 6th, 2022 04:39:03 PM
Coromandel International has introduced that the Board of Directors of Coromandel International and Parry Chemicals, an entirely owned subsidiary, of their respective conferences hung on May 6, 2022, considered and permitted acquisition by Parry Chemicals Ltd of 225,000 absolutely paid regular shares of face value of XOF 23,000 according to percentage of Baobab Mining and Chemicals Corporation SA, Senegal (BMCC), representing forty five% of issued percentage capital of BMCC, from Baobab Fertilizer Africa, that is an current shareholder of BMCC, at a attention of USD 19.6 million.
Giving of mortgage by using Parry Chemicals to Baobab Mining and Chemicals Corporation SA as much as USD 9.7 million for capital projects and growth.
This strategic funding in mining operation is being made by means of the Company to reinforce its backward integration and comfy long-term supply of rock phosphate, that’s one of the key raw materials for the Company.
Pursuant thereto, Parry Chemicals signed the subsequent agreements referring to the Investment:
i) Share Sale Agreement between Parry Chemicals Ltd and Baobab Fertilizer Africa
ii) Shareholders Agreement amongst Parry Chemicals Ltd, Baobab Mining and Chemicals Corporation SA, Baobab Fertilizer Africa, and Mimran Natural Resources.