Sucrogen completes Proserpine transaction

Rebecca Prescott12 Dec 2011

Sucrogen, the Australian-based sugar subsidiary of Singapore-listed Wilmar International, has confirmed the sale transaction to purchase Proserpine Sugar Mill has been completed.

The sale completed following a majority of Proserpine creditors, by number and value, voted to approve Sucrogen's purchase of the mill.

Sucrogen's offer comprised a headline price of A$120m, plus a working capital adjustment, normal settlement adjustments, as well as absorption of the mill's normal operating costs and certain critical capital expenditure incurred from 31 October 2011.

Sucrogen CEO Ian Glasson said the mill's creditors would be paid, in full, before Christmas.

Source: Wilmar International