Police reverses the deal to buy Senegalese firm

Police, a subsidiary of WSE-listed chemicals group Azoty has signed a conditional deal to reverse the purchase of Senegalese phosphate firm Afrig. It will get back $28.85 million it initially paid for the asset, the company said in a market filing. The amount will be paid back in installments by end-2022, and the deal is set to be finalized by end-February, 2018. Back in February, Police said it wrote down the value of its investments in the African phosphate assets including PLN 283.6 mln asset impairment on phosphate deposits alone. Police management also wrote down the value of Afrig shares by PLN 96.2 million and made a PLN 76.7 million provision related to credit collateral granted to Afrig