LONDON–(BUSINESS WIRE)–Tate & Lyle, a global leader in carbohydrate ingredients, today announced the sale of its 20.38% stake in United Farmers and Industry Co Ltd (“UFIC”) to a subsidiary of the majority shareholder, the Mitr Phol Sugar Corporation. UFIC comprises two sugar factories and ancillary businesses in Thailand. Tate & Lyle was a founding investor in this business and a shareholder since 1983.
The book value of Tate & Lyle’s investment was (pound)7.3 million at March 31, 2001. The proceeds will be used to pay down group debt.
The disposal is part of an ongoing effort to divest of non-core businesses and reduces Tate & Lyle’s Asian sugar interests to a majority holding in Nghe An Tate & Lyle (which owns a sugar factory in Nghe An province, Vietnam) and holdings in several sugar factories in China.
The Tate & Lyle Group, with headquarters in the UK, is a world leader in carbohydrate ingredients and operates in over 50 countries. It produces and processes sugar from cane and beet, and processes cereals (predominantly maize and wheat) into sweeteners and starches and other products.
Tate & Lyle ordinary shares trade on the London Stock Exchange and may be accessed on Bloomberg under the symbol TATE LN, on the Reuter Equities 2000 Service under TATE.L and on Quotron under TATEU.EU. In the US its ADRs trade on the NASD OTC Bulletin Board under TATYY (each ADR is equal to four ordinary shares).