Associated British Foods PLC Acquisition of Illovo minority interest
May 25 2016 - 6:17AM
Dow Jones News
TIDMABF
RNS Number : 1225Z
Associated British Foods PLC
25 May 2016
Associated British Foods plc
Acquisition of Illovo minority interest
For immediate release 25 May 2016
Further to the announcement on 8 April 2016, Associated British
Foods plc ("ABF") today confirms that its proposal to move to full
ownership of Illovo Sugar Limited ("Illovo") has received the
requisite shareholder approvals in South Africa, at a shareholder
General Meeting held on 25 May 2016.
The transaction is expected to complete on 28 June 2016 with
shares in Illovo ceasing to trade on the Johannesburg Stock
Exchange from that date.
For further enquiries please contact:
Associated British Foods
John Bason, Finance Director
Flic Howard-Allen, Head of External Affairs
Tel: 020 7399 6500
African media
Aprio
Julian Gwillim
Tel: +27 82 45 24 389
UK & other media
Citigate Dewe Rogerson
Chris Barrie, Eleni Menikou
Tel: +44 20 7638 9571
Notes to editors:
1. ABF is a diversified international food, ingredients and
retail group with sales of GBP12.8bn and 124,000 employees in 48
countries. It has significant businesses in Europe, southern
Africa, the Americas, China and Australia. It aims to achieve
strong, sustainable leadership positions in markets that offer
potential for profitable growth, and deliver quality products and
services that are central to people's lives. The group operates in
five business segments: Sugar, Agriculture, Retail, Grocery and
Ingredients.
2. AB Sugar, an operating division of ABF, is an industry
leading group in the international markets for sugar and sugar
derived co-products. It has operations in the United Kingdom,
Spain, southern Africa and China with an annual processing capacity
of some 5m tonnes of sugar and 600m litres of ethanol.
3. Illovo Sugar Limited is Africa's biggest sugar producer and
has extensive agricultural and manufacturing operations in six
African countries. The group produces raw and refined sugar for
local, regional African and export markets from sugar cane supplied
by its own agricultural operations and independent outgrowers who
supply cane to Illovo's factories. High-value products,
manufactured downstream of the sugar production process, are sold
internationally into niche markets. Installed electricity
generating capacity, fuelled by renewable resources, provides 90%
of the group's energy requirements. For the year ending 31 March
2015, Illovo generated an operating profit of rand 1,655m (GBP77m)
on sales of rand 13.3bn (GBP619m).
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQPGUGCAUPQURC
(END) Dow Jones Newswires
May 25, 2016 06:02 ET (10:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Associated British Foods (PK) (USOTC:ASBFY)
Historical Stock Chart
From May 2024 to Jun 2024
Associated British Foods (PK) (USOTC:ASBFY)
Historical Stock Chart
From Jun 2023 to Jun 2024