From zero to hero: Omnia's remarkable turnaround after fighting for survival 2 years ago

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Seelan Gobalsamy, CEO of Omnia.
Seelan Gobalsamy, CEO of Omnia.
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Two years ago, Omnia was fighting for survival.

The fertiliser, mining, explosive, and chemicals manufacturer’s share price lost 70% of its value in six months, and its massive debt burden dwarfed its market capitalisation on the JSE.

The almost 70-year-old Omnia was drowning in debt of almost R7 billion after large takeovers and other ambitious expansion plans. In 2017, it bought 90% of Umongo Petroleum in KwaZulu-Natal for R780 million in 2017, spending R1.2 billion to buy the agribio business Oro Agri the following year. It also built a massive nitrophosphate plant in Sasolburg for almost R700 million.

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