Pick an SA Inc share and chances are you’ve lost money in the past 12 months. So it is with Omnia, whose stock has sunk under a mountain of debt, tumbling from R128 this time last year to its present level of below R35. But its bigger investors have now rallied together to back a R2bn R20 a share rights offer. We asked FD Seelan Gobalsamy how Omnia won them over.

Let me take a step back … What Omnia did was invest in its own capability and its own plant and it put R780m in a new plant in Sasolburg; it expanded organically by investing in a number of territories and by building its explosives business, and at the same time it did these acquisitions which have been widely spoken about — Oro Agri and Umongo.

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