Omnia secures JV with Indonesian mining explosives business

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[LISTEN] ‘We’ve agreed to combine our two businesses & grow the single business together. It expands our opportunities in that region ...' Omnia CEO - Seelan Gobalsalmy on SAfmRadio MarketUpdate with FifiPeters. Moneyweb MultiNitrotamaKimia

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Great. Thanks Fifi, and good evening to you and your listeners. Thanks for having me again. I guess what we do know is that Omnia has a chemicals business, agriculture business, and also an explosives business. What we said a few years ago was that we would like to expand our agriculture and mining business internationally. From a mining perspective we earmarked three geographies: Canada, Indonesia and Australia.

There will be. We both will own shares in the new venture, and we will both put our businesses into the new venture. So it’s business and shares. MNK will put their customers into the venture and we will do the same. I guess what we’ve been focusing on is building a strong balance sheet, and over the last few years we’ve been systematically focusing on our core agriculture and mining, and increasing the performance of our business. Obviously our local business faces certain headwinds with electricity, with the rail infrastructure, with port infrastructure, and that does weigh upon us.

 

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