Afarak South Africa Announces The Termination Of Business Rescue Proceedings
Afarak South Africa Announces The Termination Of Business Rescue Proceedings. On 8 May 2020, Afarak issued a Stock Exchange Release informing that Afarak South Africa (PTY) Ltd had filed an application to commence a Business Rescue Proceedings in accordance with Chapter 6 of the South African Companies Act.
Following the successful Business Rescue Process, the business rescue practitioner has concluded that there are no longer reasonable grounds to believe that the company is financially distressed and thus the proceedings are terminated. Afarak South Africa (PTY) Ltd will continue its business operations normally.
Afarak Group is a chrome mining and minerals producer focused on delivering sustainable growth with a speciality alloys business in Europe and Africa. Afarak produces a diverse range of chrome products which are sold exclusively through its sales and marketing division, Afarak Trading, to customers operating worldwide in the stainless steel and steel sectors, including the automotive, aerospace and power generation industries.
Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
