Fertiglobe plc

The Board of Directors of Fertiglobe plc will hold a meeting via video conference on Thursday, October 24, 2024, at 3:30 p.m. UAE time. The agenda includes electing the Chairman of the Board, considering and approving the reconstitution of the Company's Board committees and appointing their members, and discussing general matters related to the Company's activities. The notice is from Ms. Rita Guindy, Director of Investor Relations, and a copy has been sent to the Securities and Commodities Authority.

Abu Dhabi National Oil Company (ADNOC) Fertilizers, a wholly owned subsidiary of ADNOC, has acquired OCI Fertilizers B.V.'s stake in Fertiglobe plc, resulting in ADNOC Fertilizers becoming the major shareholder with 86.2% ownership. As a consequence of this change in ownership and the fulfillment of transaction conditions, several board members, including Nassef Sawiris, Ahmed El-Hoshy, Hassan Badrawi, Jerome Guiraud, Charles David Welch, and Philippe Ryckaert, have resigned from the Board of Directors. Ahmed El-Hoshy will continue as the Chief Executive Officer. A new Board of Directors will be elected at the upcoming General Assembly meeting on October 24, 2024.

Fertiglobe has announced the completion of ADNOC's acquisition of a majority stake, increasing its ownership to 86.2%, with the remaining 13.8% in free float on the Abu Dhabi Securities Exchange. This acquisition is part of ADNOC's strategy to expand its low-carbon ammonia business, positioning Fertiglobe as a leader in this sector. ADNOC plans to integrate its domestic and global projects into Fertiglobe, more than doubling its ammonia project capacity. The current management team, led by CEO Ahmed El-Hoshy, will remain in place to drive growth and value creation, aiming for an additional $150 million in annual EBITDA by 2025. Fertiglobe will outline its growth strategy at its Capital Markets Day in Q1 2025.

Fertiglobe has announced the completion of ADNOC's acquisition of a majority stake in the company, increasing ADNOC's ownership to 86.2%, while maintaining a 13.8% free float on the Abu Dhabi Securities Exchange. Fertiglobe, the largest seaborne nitrogen exporter, is set to lead in low-carbon ammonia, consolidating ADNOC's growth platform in this area. ADNOC plans to integrate its domestic and global low-carbon ammonia projects with Fertiglobe, doubling its ammonia project capacity. The existing management team, led by CEO Ahmed El-Hoshy, remains in place to drive the next growth phase, aiming to generate $150 million in additional annual EBITDA by the end of 2025. A detailed growth strategy will be shared at Fertiglobe's Capital Markets Day in Q1 2025. This acquisition supports ADNOC's strategy to expand its low-carbon fuels business and become a top global chemicals player.

On October 15, 2024, it was announced that ADNOC Fertilizers, a wholly-owned subsidiary of Abu Dhabi National Oil Company (ADNOC), has acquired OCI Fertilizers B.V.'s 50% stake (plus one share) in Fertiglobe plc, making ADNOC Fertilizers the major shareholder with an 86.2% ownership. As a result of this change in ownership, several members of the company's Board of Directors, including Nassef Sawiris, Ahmed El-Hoshy, Hassan Badrawi, Jerome Guiraud, Charles David Welch, and Philippe Ryckaert, have resigned. However, Ahmed El-Hoshy will continue as the Chief Executive Officer. A new Board of Directors will be elected at the upcoming General Assembly meeting on October 24, 2024.

ADNOC announced that it will finalize the acquisition of a controlling stake in Fertiglobe, increasing its shareholding to 86.2%. The acquisition of OCI’s 50% + 1 share stake in Fertiglobe has received all necessary approvals and is set to close on October 15, 2024. A block trade will occur on October 11, 2024, and settle on the closing date. Fertiglobe will maintain a 13.8% free float on the ADX. A conference call for investors and analysts is scheduled for October 15, 2024, to discuss the company's future growth and value strategies.

The Abu Dhabi Securities Exchange has been informed that Fertiglobe PLC will hold its General Assembly Meeting on Thursday, 24 October 2024, at 3:00 PM UAE time. The invitation and meeting agenda will be published in both English and Arabic newspapers on 10 October 2024. The communication includes an invitation to the meeting and a disclosure regarding proxy attendance. The notice is signed by Rita Guindy, Director of Investor Relations, and a copy has been sent to the Securities & Commodities Authority.

Fertiglobe's Board of Directors has approved a $150 million interim dividend for the first half of 2024, equivalent to AED 551 million or 6.6 fils per share. This dividend will be paid in October 2024 to shareholders recorded as of October 10, 2024. Fertiglobe's strong balance sheet and effective cash flow management support this dividend, reflecting the company's commitment to returning value to shareholders. Since its IPO in October 2021, Fertiglobe has paid $2.42 billion in dividends. The company continues to focus on growth, innovation, and sustainability, with significant progress on strategic objectives, including a low-carbon ammonia project and a renewable ammonia supply contract. In H1 2024, Fertiglobe reported revenues of $1,048 million, adjusted EBITDA of $378 million, adjusted net profit of $134 million, and free cash flows of $225 million.

The Board of Directors of Fertiglobe plc passed a written resolution on 30 September 2024, approving the distribution of interim cash dividends to the company's shareholders for the first half of the financial year 2024. The total amount approved is USD 150 million (equivalent to AED 551 million), which translates to approximately 6.6 fils per share. Key dates related to this dividend distribution include the last entitlement date on 8 October 2024, the ex-dividend date on 9 October 2024, and the shareholders’ registry closing date on 10 October 2024. The payment is scheduled to be made within 30 days from 30 September 2024. The notification was signed by Ms. Rita Guindy, Director of Investor Relations, and a copy was sent to the Securities and Commodities Authority.

Fertiglobe's Board of Directors has approved an interim cash dividend of $150 million for the first half of 2024, equivalent to AED 551 million or 6.6 fils per share. This dividend will be paid in October 2024 to shareholders recorded as of October 10, 2024. The company emphasizes its strong balance sheet and cash flow management, which supports its ability to return value to shareholders while pursuing growth opportunities. Since its IPO in October 2021, Fertiglobe has paid $2.42 billion in dividends. CEO Ahmed El-Hoshy highlighted the company's resilient business model and ongoing value creation initiatives, including the development of a sustainable hydrogen value chain and expansion into ammonia and clean hydrogen solutions. Fertiglobe aims to generate an additional $150 million in annual EBITDA by the end of 2025 through its Manufacturing Improvement Plan and cost optimization program. Key achievements in 2024 include a significant investment decision on a low-carbon ammonia project and securing a contract to supply renewable ammonia from Egypt to Europe. The company reported H1 2024 revenues of $1,048 million, adjusted EBITDA of $378 million, adjusted net profit of $134 million, and free cash flows of $225 million.