Adbri (ASX:ABC) extends supply agreement with ICL, shares fall

December 28, 2022 01:04 PM AEDT | By Sonal Goyal

Adbri (ASX:ABC) extends supply agreement with ICL, shares fall — Image source: © Almaterra | Megapixl.com

About the supply contract with ICL

According to ASX announcement, the cementitious materials supply arrangement with ICL has been extended to the end of 2023. As per the terms of the agreement, the company supply similar volumes to ICL, which was supplied in 2022. The pricing terms will reflect the existing market conditions.

Management Commentary

On the development, Mark Irwin, interim chief executive officer of Adbri, said,

Why have Adbri shares been under pressure lately?

At the end of October, the CEO and managing director of the company, Nick Miller, resigned as a part of the leadership transition. Later, in November, the resignation was submitted by Theresa Mlikota, who had served as a chief financial officer since 2019.

Peter Barker, a senior finance executive in the organisation, was appointed as interim chief financial officer. Earlier, he worked as CFO at Computershare Limited and Cardno Limited.

Recently, the company informed the market that it had completed the sale of its land in Kewdale, Western Australia and Morrebank in New South Wales. The company received cash proceeds of AU$57 million for Moorebank and AU$5.7 million for Kewdale.

Mark Irwin, CEO of Adbri, said,

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