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Fertiglobe buys Australia’s Wengfu fertiliser company

By Pramod Kumar
The Wengfu acquisition will allow Fertiglobe to expand in vital sectors and diversify its global footprint Unsplash+/Getty Images
The Wengfu acquisition will allow Fertiglobe to expand in vital sectors and diversify its global footprint

Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia.

The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday.

Wengfu Australia Pty operates in South-East Australia from five ports with eight warehouses, distributing 700-800 kilotonnes of fertilisers annually to more than 200 customers, with the capacity to scale up to 1.1 million tonnes per annum.

The acquisition will allow Fertiglobe to diversify its global footprint. It will also enable it to widen its distributed product portfolio to non-nitrogen fertilisers and expand fertiliser sourcing flexibility to supply the wider Asia-Pacific region.

Shareholders have approved a H2 2024 dividend of $125 million, taking the total 2024 dividend to $275 million.

Fertiglobe shares closed at AED2.33 on Friday. State-owned Adnoc holds an 86 percent majority stake in the company, with the remaining shares listed on the Abu Dhabi Securities Exchange.

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