LIMASSOL, Cyprus, November 30, 2022 (Newswire.com) - AIM Capital Ltd., through its subsidiary EuroChem Group AG, continues to regain legitimate control over its global fertilizer assets. AIM Capital Ltd. is the Cyprus-based holding company that owns 90% of shares in EuroChem Group AG, the top-level holding entity for the EuroChem group, and 92.2% shares in SUEK JSC, the top-level holding entity for the SUEK group (the "Group"). EuroChem Group AG is the world's second-largest consumer and third-largest manufacturer of fertilizers, while SUEK is one of the world's largest integrated energy companies.
EuroChem Group AG announced earlier this month that its fertilizer plant Lifosa AB (Kėdainiai, Lithuania) was recently granted permission to resume production in December 2022 following temporary suspension since May 2022.
CEO of EuroChem Group AG, Samir Brikho, has expressed hope for further progress in regaining legitimate access to fertilizer supplies and international markets as the Group is fully committed to its global responsibility of addressing global food insecurity.
The statement also highlighted that lifting restrictions on procuring high-quality raw materials from EuroChem Group AG would reinstate Lifosa AB's ability to meet high cadmium limits set by the EU Commission.
The control over the Group is exercised by Linetrust PTC Limited, managed by independent and highly qualified executives of international standing. The Board of Directors of Linetrust PTC Limited includes the chairman Mr. Ronald Kenneth Noble and directors Mr. Yiorgos Lillikas and Ms. Irina Loutchina Skittides.
Both EuroChem Group AG and SUEK JSC have already taken decisive steps to demonstrate their compliance with applicable sanctions in force today. This is in addition to further enhancements to their compliance strategies, internal control systems and governance. In particular, the directors of Linetrust PTC Ltd ensure that (i) the corporate governance for the companies' holding structure is robust and allows them to continue being self-governed and (ii) the companies' sanctions compliance frameworks meet the highest international standard.
Source: AIM Capital Ltd.