Chemicals and fertiliser maker Omnia says it needs to sell R2bn worth of new shares “to ensure its long-term sustainability” after hefty losses in the year to end-March and a sharp increase in debt left it with a funding gap.

But Omnia’s shares surged 16.5% to R40 on Tuesday afternoon after management outlined plans to stabilise the business, which could include exits from certain jurisdictions where returns are found to be inadequate...

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