Tate & Lyle PLC announced today that it has agreed, subject to the completion of satisfactory due diligence and approval by the Securities and Exchange Commission of Zambia and the Zambia Competition Commission, to sell its 50.87% share in Zambia Sugar Plc for US$11.4 million (£7.9 million) to Illovo Sugar Limited (“Illovo”). The sale proceeds will be used to pay down Group debt.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Following completion of the sale, Illovo will extend an equivalent offer to all other shareholders of Zambia Sugar Plc.  An announcement confirming the results of Illovo’s due diligence will be made in approximately two weeks. The price remains subject to due diligence review.


Larry Pillard, Chief Executive Tate & Lyle PLC said:


“This  transaction is another step in our objective to exit those businesses that we cannot successfully develop further to enable us to build our value added product portfolio.”


In an additional announcement made in Zambia, Stanley Musesengwa, Chairman of Zambia Sugar Plc and Chief Executive Officer, Tate & Lyle Europe, said:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Zambia Sugar is an excellent company, in which Tate & Lyle has been pleased to play a major development role over many years.  However, Tate & Lyle PLC’s strategy is to focus resources on its major businesses with global markets and portfolios of value-added products. As part of this strategy, Tate & Lyle PLC sold its Australian cane sugar business last year and has announced it is in negotiations to sell its US beet sugar business.


“Zambia Sugar is now entering a new phase from a position of strength, having so successfully become competitive in the region and following its record-breaking production of 209,270 tonnes of sugar last year. Illovo is a major player in the sugar industry with a long-term commitment to the region. Illovo owns mills in Malawi, Mauritius, Mozambique South Africa, Swaziland and Tanzania as well as a beet sugar business in the USA. This commitment, and a strong technical base in sugar farming and milling, can only enhance Zambia Sugar’s future prospects.


“I would like to thank the Zambia Sugar workforce whose commitment and dedication has done so much to make Zambia Sugar a success following the rehabilitation and expansion undertaken since privatisation five and a half years ago.  The progress made by Zambia Sugar would also not have been possible without the guidance and support of my Board colleagues and of the Government of Zambia.


“If approved, this transaction involves only the sale of shares in Zambia Sugar to Illovo and involves no other change to the entity. The company looks forward to another successful season and I am confident that it will be a case of ‘business as usual’ “.