Africa’s biggest sugar producer, Illovo Sugar, has said it is in advanced negotiations to sell its US unit Monitor Sugar.

Illovo bought Monitor in May 1999 for approximately ZAR350m (US$55.9m) as its first non-African operation, reported Dow Jones International News. Michigan-based Monitor has an annual sugar production of around 160,000 metric tons.

“It is expected that the company will be in a position to update shareholders in this regard shortly,” Illovo was quoted by Dow Jones as saying.