AFARAK GROUP - SUBSIDIARY SUCESSFULLY COMPLETES...

08:30 London, 10:30 Helsinki, 08 April 2016 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, OMX: AFAGR)

AFARAK GROUP - SUBSIDIARY SUCESSFULLY COMPLETES SECTION 189 NEGOTIATIONS

Afarak Group plc ("Afarak" or the "Company) (LSE: AFRK, NASDAQ: AFAGR) announces that its subsidiary Mogale Alloys has successfully concluded Section 189 negotiations at its plant.

The current economic environment remains challenging and this required the Company to take responsible decisions in the long-term interest of all its stakeholders. 

In view of the market environment, Mogale Alloys has no choice but to manage business for the current environment and decisive action is needed at every juncture.  Having considered all available options, it is with regret that the Company finds itself in a position where 23 jobs have been retrenched.  The Company had committed itself to assist these employees and in fact all have been either relocated or offered voluntary retirement schemes.

Contact:

Media

Jean Paul Fabri
PR & Communications Manager
[e-mail]

About Afarak

Afarak is a vertically-integrated specialist alloys company.  Throughout its various operations in South Africa, Turkey and Germany, Afarak extracts, processes, markets and trades its specialised metals. Trusted by a highly diversified customer base that includes industry leaders from the aviation, nuclear, oil & gas and automotive sectors; the Company is able to produce a unique alloy mix for every customer. As the Company aims to create value across the product-chain, Afarak remains committed to sustainable development, investment and to delivering a healthy financial performance for its shareholders. Afarak is listed on the Helsinki Stock Exchange (AFAGR (OMX)) and the London Stock Exchange (AFRK).

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Source: Afarak Group via Globenewswire

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