Tate & Lyle Disposes of ZSR Corporation Ltd of Zimbabwe and Investment in Sugarmark -Namibia- Pty Ltd.Business Editors LONDON--(BUSINESS WIRE)--Feb. 6, 2002 Tate & Lyle PLC, a world leader in carbohydrate ingredients, today announced the sale of Tate & Lyle Investments (Africa) Ltd ("TLIA TLIA Trent Lott International Airport (Moss Point, MS) ") to a Botswana-registered holding company CBAQ (Pty) Limited ("CBAQ"). TLIA is a holding company that owns the Group's 50.1% interest in ZSR ZSR Zeleznice Slovenskej Republiky (railway of Slovakia) ZSR Zimbabwe Sugar Refineries ZSR Zeta Sedimentation Ratio ZSR Zero State Response Corporation Ltd ("ZSR"), a sugar refiner and industrial holding company based in Zimbabwe, and its 33.3% interest in Sugarmark (Namibia) Pty Ltd ("Sugarmark"), a joint venture holding company with interests in sugar marketing in Namibia. The total consideration of (pound)3.25 million ($4.6 million) has been received in cash and will be used to reduce Group debt. CBAQ will be led by ZSR management and will include the ZSR Workers' Trust, with financial support from ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Holdings Limited. For the financial year ending March 2001, ZSR had consolidated net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of (pound)12.8 million ($18.0 million) (Group share (pound)6.4 million; $9.0 million) and profits of (pound)8.4 million ($11.8 million) (Group share (pound)4.2million; $5.9 million). The Group's investment in Sugarmark had a book value of (pound)0.1 million ($0.1 million) at March 2001 and contributed (pound)0.3 million ($0.4 million) to Group profit before tax for the financial year ending on that date. The pronounced depreciation of the Zimbabwean dollar since March 2001 means that this transaction will give rise to a profit on disposal of less than (pound)1 million ($1.4 million). Larry Pillard Chief Executive said, "This sale is another step in the Group's strategy of focusing activities on the major core businesses. Both ZSR and Sugarmark are profitable and well run. However, we feel that ZSR in particular will be better developed as a Zimbabwean enterprise and this transaction will effectively transfer ownership to employees of ZSR. We thank all of the employees for their contribution to Tate & Lyle and wish them every success for the future." The Tate & Lyle Group, with headquarters in the UK, is a global leader in carbohydrate processing. Our brands and high quality ingredients add value to consumer products around the world. We process cereals (predominantly maize and wheat) into sweeteners and starches and other products, and produce sugar from cane and beet. Tate & Lyle ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. 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 NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under TATYY (each ADR ADR - Astra Digital Radio is equal to four ordinary shares). |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion