Omnia adds to war chest with R1bn sale of Umongo Petroleum stake
Chemicals, fertiliser and explosives group Omnia has agreed to sell the majority of its stake in Umongo Petroleum, a supplier of lubricant additives, base oils, process oils and chemicals, for R1bn, adding to the war chest of a group that extinguished its debt during its year to end-March, and remains on the hunt for new businesses.
The group’s focus is on building its internal capacity as it gears up to drive the growth of its bio-agri and mining interests globally, CEO Seelan Gobalsamy told Business Day, and while Omnia may return the cash to shareholders, it will at some point also be making new acquisitions...
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