Chinese firm picks up 12.5% stake in Uralkali

Uralkali, one of the world’s largest potash producers, announced that the company was notified by Chengdong Investment Corporation (CIC), a subsidiary of the China Investment Corporation, that CIC’s stake in Uralkali amounts to 12.5%. Uralkali, which has about 20% share in the global potash production, has five mines and seven ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Region, Russia).
 
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The increase in the stake was due to conversion into ordinary shares of Uralkali of bonds held by CIC and issued by Wadge Holdings Limited, beneficially owned by Uralkali’s major shareholders. Uralkali stated that it was not a party to any agreement regarding this transaction. With 12.5% stake, CIC has now emerged as the second biggest shareholder in Uralkali.