PotashCorp Intended to increase its shares of Sinochem HongKong Holdings

09-Feb-2006

On January 27, 2006, Potash Corporation of Saskatchewan Inc. ormally notified Sinochem Hong Kong (Group) Company Limited ("SHK"), the controlling shareholder of Sinochem Hong Kong Holdings Limited, of its intention to exercise the option to acquire additional 10.01% shares of the Company.The option was granted to PotashCorp under the Strategic Investment Agreement between PotashCorp and SHK dated June 7, 2005 when PotashCorp acquired initial 9.99% shares in the Company. Pursuant to the Strategic Investment Agreement, PotashCorp may exercise the option no earlier than January 27, 2006, the six month anniversary from the closing of the initial investment. PotashCorp has decided to exercise the option on the first eligible day.

The closing for the exercise of the option expects to take place before the end of February.

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