Nutrien Ltd has announced that, through one of its wholly-owned subsidiaries, it has entered into an agreement with the Government of Egypt (through the Egyptian Ministries of Finance and Petroleum) to sell 100% of its stake in Misr Fertilizers Production Co. S.A.E. (MOPCO), totalling 59 573 922 ordinary MOPCO shares, and upon closing to settle all arbitration claims it has made against the Government of Egypt and MOPCO’s affiliate, the Egyptian Nitrogen Products Company S.A.E.
Total gross proceeds resulting from the sale of shares as well as the settlements amongst the parties total US$540 million, which, subject to customary closing conditions, are expected to be received in full upon close before the end of December 2020. This investment has historically contributed US$15 to US$20 million per year to Nutrien’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA).
Read the article online at: https://www.worldfertilizer.com/special-reports/22122020/nutrien-announces-sale-of-equity-position-in-mopco/