Yara to divest Ceylon Oxygen Ltd
Oslo (2006-06-29): Yara Industrial has entered into an agreement to sell its shareholding of 70.85% in Ceylon Oxygen Ltd. to Actis South Asia Fund 2 LP. The divestment is part of Yara’s strategy to streamline operations.
Ceylon Oxygen Ltd is listed on the Colombo Stock Exchange and holds an overall 80% market share in the Sri Lankan gas market. Cylinder gases constitute about 60% of the company’s sales revenues.
Yara has decided to sell its shareholding in Ceylon Oxygen Ltd. as the company has limited synergies with Yara’s core business.
Yara’s book value of Ceylon Oxygen Ltd. is NOK 50 million, and the transaction is estimated to give Yara a profit of NOK 15 million. Yara expects to conclude the deal during third quarter 2006 subject to certain statutory approvals.
Actis Capital LLP, a leading private equity fund manager specializing on emerging markets with USD 3 billion of funds under management worldwide, manages Actis South Asia Fund 2 LP.
Yara International ASA is a leading chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara’s global workforce of 6800 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.
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