Alliance Grain Traders set to close lower, but off day lows after fire hits inventory

By Midnight Trader,  December 29, 2010, 03:56:21 PM EDT

Alliance Grain Traders Inc. (AGT.TO) is down close to 20 cents in late trading today, but off a day low $27.48, after announcing that a fire occurred at its Arbel Group compound located in Mersin, Turkey in the early morning hours of December 27, 2010. It said the full cause of the fire, and the extent of damage and losses, is still under investigation by local authorities and AGTI's insurer. No one was injured in the fire and management currently believes that there is no material environmental impact as a result of this incident.

Preliminary assessments show extensive damage to two warehouse buildings and an enclosed loading and receiving area. Inventory stored within the affected and nearby areas, consisting of lentils, popcorn, chickpeas, rice, beans and packaging materials (jute bags, cartons, polyethylene film and polypropylene bags) were also destroyed in the fire. It is believed that approximately 7,000 to 10,000 metric tonnes of pulses and grains inventory were lost or affected by the fire.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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