CORAL
GABLES, Fla., Dec. 3, 2024
/CNW/ - Sucro Limited (TSXV: SUG) (OTCQB: SUGCF) ("Sucro" or
the "Company"), an integrated sugar refiner focused
primarily on serving North American sugar markets, announced today
that subsidiaries of the Company have entered into an agreement
(the "Agreement") with Sucro's principal shareholder, SC
Americas Corp. ("SC Americas"), for the purchase of
certain equipment owned by SC Americas and used in the Company's
icing sugar processing operations in Trinidad. SC Americas, which owns
approximately 51.6% of the voting and equity shares of the Company,
is controlled by Jonathan Taylor,
the President, Chief Executive Officer and a director of the
Company. The Company has been using the equipment owned by SC
Americas in its Trinidad
operations for several years without compensation to SC
Americas.
Under the Agreement, a subsidiary of the Company will acquire
the processing, conveying, sorting and packaging equipment for a
purchase price of US$1.2 million. The
purchase price will be satisfied by offsetting it against
indebtedness owing by SC Americas to another Company
subsidiary.
The proposed transaction is considered to be a "related party
transaction" under Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions (the
"Rule") and TSX Venture Exchange Policy 5.9 (the
"Policy"). The proposed transaction is however, exempt from
the formal valuation and minority approval requirements of the Rule
and Policy as the fair value of both the equipment and the
consideration therefor were less than 25% of the Company's market
capitalization at the relevant time. The proposed transaction is
subject to all necessary regulatory approvals.
About Sucro
Sucro is a growth-oriented sugar company that operates
throughout the Americas, with a primary focus on serving the North
American sugar market. The Company operates a highly integrated and
interconnected sugar supply business, utilizing the entire sugar
supply chain to service its customers. Sucro's integrated supply
chain includes sourcing raw and refined sugar from countries
throughout Latin America, and
refined sugar from its own refineries, and delivering to customers
in North America and the
Caribbean. Since its inception in
2014, Sucro has achieved growth by creating value for customers
through continuous process innovation and supply chain
re-engineering. Sucro has established a broad production, sales and
sourcing network throughout North
America with two cane sugar refineries and an additional
value-added processing facility, and two cane sugar refineries
under development in Hamilton,
Ontario and University Park,
Illinois (a suburb of Chicago). The Company has offices in
Miami, Mexico City, Cali, Sao
Paulo, and Port of Spain.
For more information, visit sucro.us and follow us on
LinkedIn.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Sucro Limited