Chemicals, fertiliser and explosives group Omnia has agreed to sell 90% of its stake in Umongo Petroleum for R1bn, adding to the cash pile of a group that extinguished its debt during its year to end-March.
The group is set to sell 90% of Umongo to a subsidiary of Belgium-based Azelis, a further boost to a group that had R1.8bn in net cash at the end of March...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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