K+S buys stake in fertilizer maker in Saudi Arabia

German potash miner K+S has acquired a stake in a Saudi fertilizer maker, plus an option to acquire more, in order to take advantage of growing demand for fertilizer in irrigation systems in the region.
K+S said on Monday it will pay a between $7 million and $9 million for a 30 percent stake in Al-Biariq for Fertilizer Plant Co. It has also acquired an option to purchase a further 30 percent stake within two years of completing the transaction, which is scheduled for the second quarter of 2017.
“We are further strengthening the specialty business in the Potash and Magnesium Products business unit through this investment and can offer an even broader product portfolio in the future,” K+S Chief Executive Norbert Steiner said in a statement.

Source: Arab News