for subscribers

INTERVIEW | No 'spending spree' on the cards for cautiously recovering Omnia

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
Seelan Gobalsamy was appointed as CEO of Omnia in September 2019
Seelan Gobalsamy was appointed as CEO of Omnia in September 2019
Supplied

In just more than a year since it began restructuring, chemicals, fertiliser and explosives producer Omnia is showing signs of recovery, and while there seems to be some calm in the company CEO Seelan Gobalsamy says there is more work to be done.

Since Gobalsamy's appointment in September 2019, Omnia has whittled down its debt from R3.3 billion this year to R1.9 billion, having reached R6.8 billion in June 2019. The group also made some management changes and had rights issue that raised R2.1 billion. At the centre of its debt woes was the expansion of its nitrophosphate plant in Sasolburg in 2017, followed by the R780 million acquisition of 90% of Umongo Petroleum and crop protection solutions, biocontrol and bionutritional business Oro Agri for R1.2 billion.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
15.28
(-1.60)
ZAR/GBP
20.90
(-1.12)
ZAR/EUR
18.49
(-1.10)
ZAR/AUD
11.70
(-0.37)
ZAR/JPY
0.15
(-1.02)
Gold
1843.10
(-0.41)
Silver
25.18
(-0.89)
Platinum
1068.00
(-2.68)
Brent Crude
55.81
(-0.07)
Palladium
2295.00
(-0.18)
All Share
62784.52
(-1.78)
Top 40
57644.44
(-1.83)
Financial 15
11826.39
(+0.74)
Industrial 25
85836.54
(-1.23)
Resource 10
59579.51
(-3.77)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 758 votes
No, I did not.
52% - 1884 votes
My landlord refused
28% - 1005 votes
Vote