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Yara expects $1 bln Qatar sales proceeds by end-August

OSLO, Aug 7 – Yara, one of the world’s largest fertiliser-makers, expects to finalise its long-awaited sale of a stake in Qatar Fertiliser Company later this month, a senior executive at the Norwegian firm said on Friday.

In its earnings report for the second quarter, released on July 17, Yara had said it expected to complete the $1 billion transaction “within 2-3 weeks”, followed by a share buyback program, leading some analysts to suggest an Aug. 7 deadline.

“We have progressed in line with the timeline communicated in our Q2 reporting, and receipt of proceeds is expected towards the end of this month,” Yara investor relations executive Thor Giaever said in a statement to Reuters.

The company first announced the planned Qafco fertiliser stake sale to Qatar Petroleum in March, adding it was conditional on regulatory approvals. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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