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The Tanzanian Kagera Sugar Limited has acquired the assets of the South Africa-based agribusiness firm Tongaat Hulett Limited (THL) as part of its strategic expansion in Africa. The acquisition, according to THL, will comprise the complete sugar division in South Africa and investments in Zimbabwe, Mozambique and Botswana (Tongaat Sugar Assets).
The Tanzanian Kagera Sugar Limited has acquired the assets of the South Africa-based agribusiness firm Tongaat Hulett Limited (THL) as part of its strategic expansion in Africa. The acquisition, according to THL, will comprise the complete sugar division in South Africa and investments in Zimbabwe, Mozambique and Botswana (Tongaat Sugar Assets).
Without stating the value of the acquisition, Kagera Sugar managing director Nassor Seif said the transaction is in line with its expansion strategy and its vision of becoming a leading sugar producer on the continent. Kagera will extend the core values that have resulted in the success of its group companies to the new Southern African operations to benefit employees, growers, and ultimately the economy of the region. The company is committed to investing significantly in its operations to modernize the plants and expand them to increase production and efficiency.
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Kagera Sugar Limited (Kagera), is a sugar manufacturing company situated in Kagera in the North-Western part of Tanzania. It is part of a group of companies that are the largest producers of sugar in Tanzania and own sugar assets in Tanzania, the Democratic Republic of Congo, and the Middle East.
A statement released by THL stated that their business rescue practitioners (BRPs) reviewed more than 70 interested parties, which was narrowed down to eight and finally, the Tanzanian manufacturer won the bid.
