9 Dec 2019 13:31
SUBSIDIARY SECTION 189 NEGOTIATIONS
13:30 London, 15:30 Helsinki, 9 December 2019 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR) SUBSIDIARY SECTION 189 NEGOTIATIONS
Stock exchange release
Afarak Group Plc ("Afarak" or the "Company") informs its shareholders that two of its South African subsidiaries, Afarak Mogale (Pty) Ltd and Ilitha Mining (Pty) Ltd, have issued a notice in terms of section 189 of the labour relations in order to have the possibility to retrench personnel, this notice is giving the start to a 90 days’ time of consultations with the workers and their representatives. The company is forced into further down-scaling its production output by the further deterioration of the chrome ore and ferrochrome market, as well as the unfavourable operational conditions in South Africa in particular expensive and irregular availability of power. The company will inform the public, as soon as the consultation period has ended.
Helsinki, December 9, 2019
Afarak Group Plc
Board of Directors
For additional information, please contact:
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com Financial reports and other investor information are available on the Company's website: www.afarak.com.
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).
Distribution:NASDAQ Helsinki London Stock Exchange Main mediawww.afarak.com
Afarak Group (AFRK)