Tate & Lyle is in talks with Savola Group over the sale of the UK sweetener company’s minority stakes in two sugar refineries in Saudi Arabia and Egypt.
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The company is in “ongoing” talks over the sale of its 10% stake in a Saudi sugar refinery and 3% stake in an Egyptian refinery, the group confirmed today (19 October).
Tate & Lyle told just-food that the move was in-line with the sale of its International Sugar Trading business, which was announced in July last year.
“We made it clear that the business sold excluded a small number of minority interests related to the sugar trading business which would be disposed of separately in accordance with the related shareholders agreements,” a spokesperson said.
“These minority interests include stakes in two sugar refineries where Savola is the principal partner, one in Saudi Arabia and one in Egypt.”
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By GlobalDataHowever, contrary to reports, the spokesperson emphasised that the move does not signal a shift away from refining sugar, with its European sugar refinery business remaining “core” to its activities.
