Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Uralkali Revives Plan to List on LSE

Uralkali, the world's fifth-biggest potash producer, said Monday that it had revived plans to list on the London Stock Exchange.

The firm, which dropped plans to float in London last October, said Citibank, Renaissance Capital and UBS investment bank were acting as joint global coordinators and bookrunners for the offering.

Uralkali planned last year to sell global depositary receipts in a price range of $10.25 to $12.25 apiece, giving it a market value of $4.3 billion at the low end of the range.

At the time, Uralkali said it would cut potassium chloride output in 2007 by 1.2 million tons from a planned 6.2 million due to a mine accident.

An Uralkali mine accounting for 20 percent of the company's ore consumption was closed on Oct. 28 due to flooding. Uralkali rejected claims the postponement of the IPO was connected with the flooding incident.

The company attracted higher prices for potassium chloride for most major export markets this year, Interfax said Monday. Uralkali's capitalization which has increased twofold since October, now stands at around $ 7 billion, Interfax said.

Uralkali said in July that profit declined 63 percent last year because the mine closure led to a rise in labor costs.

Net income fell to 3.49 billion rubles ($140 million) from 9.43 billion rubles a year earlier, the company said. Sales slid 20 percent to 22.29 billion rubles.

Reuters, Bloomberg, MT