KSA-backed sugar firm to raise $ 200 million

Kenana, Sudan’s biggest sugar producer, plans to raise around $ 200 million in an initial public offering in Johannesburg next year, its managing director said.

Mohamed El-Mardi El-Tegani said Kenana wanted to raise “around $200 million.”

The firm, which is mainly owned by the governments of Kuwait, Saudi Arabia and Sudan, has appointed Russia-focused Renaissance Capital and Dubai investment bank Shuaa Capital to manage the offering.

The Khartoum-based firm recently said it planned to make next year a stock market offer in Johannesburg with a secondary listing in Dubai.

Kenana wants to use the money from the share offer to help fund an expansion to more than double its annual sugar output to 1 million tons and triple its biofuel production by 2015.

Kenana expects also to get $500 million in a capital injection this year from its main shareholders, to help fund expansion. Last year the firm had eyed a stock market listing in Hong Kong but gave up the plan due to US sanctions which deterred firms from dealing with Sudan.

Download WordPress Themes Free
Download WordPress Themes Free
Premium WordPress Themes Download
Download Best WordPress Themes Free Download
online free course
download intex firmware
Download WordPress Themes Free
udemy free download