<\/p>\n
Diversified chemicals and fertiliser group Omnia says it\u2019s in discussions regarding a potential offer for all the issued ordinary shares.<\/p>\n
The company confirmed the potential buyout in a cautionary announcement to shareholders on Friday.<\/p>\n
It said that while discussions are advanced, no agreement has been reached.<\/p>\n
\u201cThere is no certainty that these discussions will result in a transaction being concluded,\u201d the group added.<\/p>\n
No further details about the transaction were immediately available.<\/p>\n
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\u201cAccordingly, shareholders are advised to exercise caution when dealing in Omnia\u2019s shares until a full announcement is made.\u201d<\/p>\n
Omnia\u2019s shares jumped by more than 13% in early morning trade on the day, following the news of the potential buyout.<\/p>\n
This brought the company\u2019s share price to R117.15 by 11am, its highest for the year to date.<\/p>\n
Omnia, headquartered in Johannesburg, has a market cap of more than R16 billion on the JSE.<\/p>\n
Read:
Fresh scramble to avert pain for SA as Middle East conflict continues
Spare a thought for SA farmers<\/p>\n
Its current bull run is largely on the back of surging fertiliser and chemical prices in the wake of the Middle East conflict.<\/p>\n
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Recovery<\/p>\n
In a voluntary update in August, Omnia reported that its credit rating from GCR Ratings, an affiliate of Moody\u2019s Investors Service, remained unchanged.<\/p>\n
The rating affirmed the company\u2019s long-term and short-term issuer ratings of A+(ZA) and A1(ZA), with a stable outlook.<\/p>\n
The rating came on the back of its solid operating performance in the core segments, resulting in robust earnings and cash flows, signalling part of the group\u2019s recovery over the years.<\/p>\n
#Omnia #advanced #talks #potential #buyout #ordinary #shares<\/p>\n","protected":false},"excerpt":{"rendered":"
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