Uralkali to Buy Back No More Than 6.5% of Its Shares
November 23 2015 - 8:22AM
Dow Jones News
By Olga Razumovskaya
MOSCOW--Russia's OAO Uralkali (URKA.MZ) Monday said it plans to
delist its global depository receipts from the London Stock
Exchange on Dec. 22 and announced an openmarket buyback.
The buyback will comprise no more than 6.5% of the potash
producer's GDRs.
The company, which reported third-quarter results on Monday,
said "in the third quarter, market sentiment was negatively
impacted by macroeconomic challenges in some regions and high
potash price volatility, as well as government policies." It added
that the combination of weaker year-on-year potash demand and
customer destocking weighed negatively on potash prices.
Uralkali said record deliveries in 2014 had created significant
potash stocks at the end of the year, while continued market
volatility and lower crop prices in many regions led it to "expect
global potash deliveries this year to total 58 million tons in
2015, which will represent an 8% decrease from the record levels in
2014."
The $22 billion global potash market fell into disarray in July
2013 when Uralkali said it would leave a trading partnership with
Belarus that controlled around 40% of global trade in the
fertilizer ingredient.
Write to Olga Razumovskaya at olga.razumovskaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 23, 2015 08:07 ET (13:07 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
London Stock Exchange (LSE:LSEG)
Historical Stock Chart
From Aug 2024 to Sep 2024
London Stock Exchange (LSE:LSEG)
Historical Stock Chart
From Sep 2023 to Sep 2024
