18th Aug 2015 08:52
LONDON (Alliance News) -African Potash Ltd Tuesday noted the recent upward movement of its share price and said it is unaware of any other reason for the movement apart from its recent announcement.
African Potash shares were up 4.6% to 1.80 pence per share on Tuesday morning.
On August 4, the company said it signed a memorandum of understanding with the Common Market for Eastern and Southern Africa (COMESA) and the Mask Africa Crowd Farm Fund Ltd with a view to creating a production and distribution platform for fertiliser in Eastern and Southern Africa.
The deal is the first of its kind to have been signed by COMESA, African Potash said. Under the terms, the company will enter a three-year fertiliser trading deal with COMESA to supply at least 500,000 metric tonnes of fertilisers on an annual basis to off-take partners identified and introduced by COMESA.
No financial details on the deal were disclosed.
"The company is otherwise unaware of any reasons for its recent share price movement," it said in a statement.
By Joshua Warner; [email protected]; @JoshAlliance
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