AFRK Afarak Group Se

 
TIDMAFAGR 
 
 
   08:00 London, 10:00 Helsinki, 31 May 2021 - Afarak Group Plc ("Afarak" 
or "the Company") (LSE: AFRK, NASDAQ: AFAGR) 
 
   AFARAK GROUP SELLS ILITHA MINE ASSETS 
 
   Stock Exchange Release 
 
   The Board of Directors of Afarak has approved the arrangement for the 
sale of Ilitha's plant, assets and mining right. Ilitha is a South 
African company which holds the Stellite mine. The buyers are WMA Chrome 
Mining Property Limited and WMA Minmet Processing Proprietary Limited 
(the "Arrangement"). 
 
   The total purchase price of 400 Million ZAR (around 23.8 million euro) 
will be paid in 3 portions. The first portion is expected within 30 days 
from date of signature, the second within 12 months, and the last 
portion in monthly instalments over the next approximately five years, 
starting June 2021. Payment dates depend on e.g. the date of transfer of 
mining licenses. 
 
   The arrangement will have a clear positive effect on the Group's 
financial result in 2021 and will contribute to facilitating working 
capital management. 
 
   Helsinki, May 31, 2021 
 
   AFARAK GROUP PLC 
 
   Board of Directors 
 
   For additional information, please contact: 
 
   Afarak Group Plc 
 
   Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com 
https://www.globenewswire.com/Tracker?data=KGWPcg1eoaR_1tPH8NuwMzAH3v0mI0HZyTqIZWoKeTUBOJ4qhrRWRdsSPX-cPRQTf1Wf0tMFxrQSbgzDQrq9cilKmSEheLDA14qMSYQ0co7Mz3OX1iLVCBI1RX8M01zk 
 
 
   Financial reports and other investor information are available on the 
Company's website: www.afarak.com. 
 
   Afarak Group is a specialist alloy producer focused on delivering 
sustainable growth with a Speciality Alloys business in southern Europe 
and a FerroAlloys business in South Africa. The Company is listed on 
NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange 
(AFRK). 
 
   Distribution: 
 
   NASDAQ Helsinki 
 
   London Stock Exchange 
 
   Main media 
 
   www.afarak.com 
 
 
 
 

(END) Dow Jones Newswires

May 31, 2021 03:08 ET (07:08 GMT)

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