OJSC PhosAgro (Moscow Exchange, LSE: PHOR) has completed the consolidation of 100% of the shares in OJSC Apatit, according to PhosAgro's press release.
PhosAgro has now completed all the procedures related to the squeeze-out, which was launched on April 17, 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, for $141.92 million. PhosAgro had earlier purchased 24% of Nordic Rus Holding in 2012.
"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," said Andrey Guryev, CEO PhosAgro
OJSC Apatit (tax number: 5103070023), part of PhosAgro Group, is the world's largest apatite concentrate producer, the only producer of nepheline concentrate in Russia.
According to the information and retrieval system DataCapital, RAS net profit of Apatit for 2012 grew by 82% to RUB 5.87 billion from RUB 3.221 billion. Revenue increased by 29% to RUB 45.253 billion from RUB 35.155 billion, sales profit to RUB 8.388 billion from RUB 5.177 billion.
OJSC PhosAgro (tax number: 7736216869) is a Russian vertically integrated company, a global leader in the production of phosphorus-containing mineral fertilizers. The company is principally engaged in the production of phosphorus-containing fertilizers, phosphate feeds, high-quality phosphate raw stuff as well as nitrogen fertilizers and ammonia. PhosAgro Group includes OJSC Apatit, OJSC PhosAgro-Cherepovets (resulting from the merger of OJSC Ammophos and OJSC Cherepovetsky Azot), CJSC Agro-Cherepovets, Balakovskiye Mineralniye Udobreniya LLC, PhosAgro-Trans LLC, PhosAgro-Region LLC and OJSC NIUIF.
PhosAgro's Global Depositary Receipts are listed on the LSE, its shares are traded on the MICEX and RTS.
IFRS net profit of OJSC PhosAgro for H1 2013 decreased by 56% to RUB 4.77 billion from RUB 10.802 billion the year before. Revenue increased by 7% to RUB 53.715 billion, EBITDA decreased by 22% to RUB 13.407 million, EBITDA margin to 25% from 34%.