JEDDAH, SAUDI ARABIA (Wednesday, July 9, 2008) – The National Titanium Dioxide Co. Ltd (Cristal) announced today that its wholly owned Australian subsidiary, Cristal Australia Pty Ltd (Cristal Australia), had acquired a relevant interest in 92.88% of the ordinary shares of ASX listed Bemax Resources Limited (Bemax) under its cash takeover bid. This includes Cristal Australia's initial stake of approximately 35% of Bemax shares which it owned before the bid was launched.
Cristal Australia has declared its bid free from all conditions and intends to proceed with compulsory acquisition of the remaining ordinary Bemax shares under Part 6A.1 of the Australian Corporations Act 2001 as soon as the Offer closes. The Offer will close at 7.00 PM (Brisbane time) on Friday 18 July 2008. Dr. Steve Ward, Cristal’s Senior Vice President Strategy and Development and Director of Cristal Australia, said that Cristal was pleased by the response of Bemax shareholders to the bid which provides a cash payment at a significant premium to previous trading levels. Cristal looks forward to completing the acquisition in an orderly manner and being involved in the future with all stakeholders including, staff, customers and suppliers.
Cristal is the world’s second largest producer and supplier of titanium dioxide. Bemax titanium mineral products are the main raw materials for pigment production.
Cristal currently has no mineral sands expertise in Australia and subject to a post operational review, intends to continue all Bemax’s current operations.
“The acquisition of Bemax will enhance our Australian portfolio, supporting the further development of our existing Millennium Inorganic Chemicals pigment operations in Western Australia, which Cristal acquired in 2007,” said Dr. Ward.
Following the bid being declared unconditional, the Bemax Board has been recomposed and now comprises Dr. Ward (Executive Chairman), Mr. Dominic Manganaro and Mr. Peter Carroll. Former managing director, Mr. Antoine Shirfan will continue as chief executive officer for a short transition period to handover responsibilities to Dr. Ward.
# # #
Cristal Global is the world’s second-largest producer of titanium dioxide and a leading producer of titanium chemicals. Cristal Global operates eight manufacturing plants in six countries on five continents and employs more than 3,700 people worldwide.
|
