Azoty to take PLN 37.2 mln hit to 2017 results from failed Senegalese investment

WSE-listed chemicals Grupa Azoty will take PLN 37.2 million hit to its consolidated financial results for 2017 due to an impairment from its Police subsidiary on its Senegalese investment, the company said in a market filing. “Due to the lack of agreement with DGG Eco concerning a return of the price for the purchase of shares of African Investment Group, Police will book a PLN 37.18 million impairment which will affect the company's results for 2017,” Police said. Back in December, both sides have signed a conditional deal to reverse the purchase of Senegalese phosphate firm Afrig. Police were to get back $28.85 million it initially paid for the asset. The new deadline was set for March 16. “We are conducting talks with DGG Eco Sp. z o.o., which is working on meeting the agreed terms for finalization of the agreement,” Police said. The amount was to be paid back in installments by end-2022.