Zambia Sugar Plc

Zambia Sugar Plc, which is listed on the Lusaka Stock Exchange, is the country’s leading sugar producer, with a 94% share of industry production. In August 2009, the company completed a successful rights issue which raised US$50 million. During the process, the Illovo group partially renounced its rights and consequently reduced its shareholding in Zambia Sugar from 89.7% to 81.6%, thereby enabling increased public ownership in the company. This reduction is supportive of government policy to increase local participation in business. The proceeds were used to reduce borrowings related to the recent major expansion project and the acquisition of Nanga Farms. Zambia Sugar is based at Nakambala, adjacent to Mazabuka in the south of the country. It is the single largest private agricultural and milling company, and employer in the region. The Zambian operations currently employ slightly less than 2 000 permanent employees and approximately 4 000 seasonal workers, and in 2010/11 contributed 24% of total group operating profit.

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