Yara employee appointed iterim MD in Burrup Fertilisers and receivers and managers appointed
(Thomson Reuters ONE) -
Oslo (2010-12-17): The main financier of Burrup Fertilisers Pty Ltd (BFL) has
appointed receivers and managers to the assets of, and shares in, BFL.
Receivers and managers have also been appointed over certain shares in Burrup
Holdings Limited (BHL) owned by Pankaj Oswal and Radhika Oswal. Shortly prior to
the appointment of receivers and managers, Yara's CFO in Asia, Rao Narsimha was
appointed interim Managing Director of BFL, replacing Pankaj Oswal.
The appointment of receivers and managers follows default by the company and its
financial guarantors, Pankaj Oswal and Radhika Oswal.
Yara owns 35% of BHL. Receivers and managers have not been appointed over any of
the shares in Burrup Holdings Limited owned by Yara.
BFL owns and operates an ammonia plant located at the Burrup Peninsula in
Western Australia with an annual production capacity of approximately 850,000
tons of liquid ammonia.
The ammonia plant has a strong competitive position, and Yara will continue to
responsively protect its interest as a direct and indirect shareholder in BHL
and BFL.
The appointed receivers and managers have stated that it will be business as
usual whilst the business is stabilized and that it appears that the business is
solvent and is expected to trade profitably. The receivers and managers have
also stated that employees and stakeholders should be comforted that it is
business as usual.
Contact
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
E-mailtorgeir.kvidal(at)yara.com
Asle Skredderberget, Media Relations
Cellular (+47) 41 44 36 10
E-mailasle.skredderberget(at)yara.com
Yara International ASA is the world's leading chemical company that converts
energy, natural minerals and nitrogen from the air into essential products for
farmers and industrial customers. As the number one global supplier of mineral
fertilizers, we help provide food for a growing world population. Our industrial
product portfolio includes environmental protection agents that prevent air
pollution. Yara's global workforce of 7,600 employees represents the great
diversity and knowledge that enables Yara to remain a leading performer in the
industry.
www.yara.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Yara International ASA via Thomson Reuters ONE
[HUG#1471822]
Unternehmensinformation / Kurzprofil:
Datum: 17.12.2010 - 11:07 Uhr
Sprache: Deutsch
News-ID 49836
Anzahl Zeichen: 3202
contact information:
Town:
Oslo
Kategorie:
Business News
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"Yara employee appointed iterim MD in Burrup Fertilisers and receivers and managers appointed"
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