Three local firms to invest in Australian mill.
Byline: Usman Hanif
KARACHI -- Three Pakistani companies are going to invest in the 123-year-old Australian sugar mill - ISIS Central Sugar Mill Company Limited (ICSM).
Thal Industries Corporation, Almoiz Industries and Naubahar Botteling Company are going to invest AUD35 million in ICSM, according to a notice sent to the Pakistan Stock Exchange (PSX) on Monday.
'The board of directors of Thal Industries has resolved to enter along with Almoiz Industries Limited associated company and Naubahar Botteling Company associated company into the Implementation and Subscription Deed and Deed Poll in connection with investment acquisition of ordinary shares up to 55% of overall stake worth AUD35 million in ISIS Central Sugar Mill Company, subject to applicable statutory and regulatory approvals.' the notice stated.
ICSM is situated at Bundaberg region of Queensland, the second largest and third most populous state of Australia, situated in the north-east of the country. The installed crushing capacity of the company is around 10,000 tons of sugarcane per day, which produces raw sugar, molasses and electricity.
'In the last 20 years, the sugar industry has thrived in Pakistan and the country has now 70 to 75 sugar mills,' said Sindh Abadgar Board Senior Vice President Mahmood Nawaz Shah.